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Chapter 1

Chapter 1 Textbook

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Western University
Economics 1021A/B
Emilie Rivers

Micro Economics Chapter 1 Textbook Notes y Scarcity our inability to satisfy all our wantso faced with scarcity we must choose among the available alternativeso our choices depends on the incentives that we are faced with Incentive is a reward that encourages an action or a penalty that discourages oneo Tradeoffan exchangegiving up one thing to gain another y Economics is the social science that studies the choices that individuals businesses governments and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices o The study is divided into 2 categories Microeconomics which is the study of the choices that individuals and businesses make the way these choices interact in markets and the influence of governments Macroeconomics the study of the performance of the national economy and the global economy y How do choices end up determining what how and for whom goods and services are produced o Goods and Servic
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