Textbook Notes for Economics 1021A/B at Western University (UWO)

An incentive is an inducement to take a particular action. An incentive can be a benefit or a cost. Economics: a social science: economists distinguish

Labour market is a collection of people and firms who trade labour services. Wage rate: the price of labour services. Most labour markets have many buy

Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcit

Chapter 1: introduction to economics/making and using graphs. The what question is what goods and services do we produce? . The how question is how do

A good is excludable if it"s possible to prevent someone from enjoying its benefits (people must pay to consume them) A good is nonexcludable if it"s i

If you choose to buy something, someone must choose to sell it. Incentive: a reward that encourages an action, a penalty that discourages an action, ex

Those who can afford it but choose not to buy it. Individual demand: the relationship between the price of a good and he quantity demanded by one perso

Classifying goods and resources: goods, services, and resources differ in the extent to which people can be excluded from consuming them and in the ext