Economics 1021A/B Chapter Notes - Chapter 1: Information Revolution, Human Capital, Human Resources

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Jeannie A Gillmore

Document Summary

We face scarcity, and our choices are affected by incentives. Define economics and distinguish between micro and macro econ. We want more than we can get. Scarcity inability to satisfy all our wants. Eg. a city wants to build bridges, improve education and upgrade. The choices we have to make depend on incentives. Incentives a reward that encourages or a penalty that discourages an action. Economics - social science, studies choices that individuals and businesses make while facing scarcity and incentives. Microeconomics choices individuals and businesses make, and how they influence markets, the influence of governments. Macroeconomics performance of the national economy and the global economy. What is the difference between self and social. Services > tasks performed for people eg. car repair. Knowledge and skill people obtain: tools businesses use to obtain goods and services, different from financial capital, human resources that organize labor, land, capital.