Textbook Notes (368,986)
Canada (162,320)
Economics (1,074)
EC140 (329)
Chapter 1

Macroeconomics Chapter 1 Notes.docx

2 Pages
122 Views
Unlock Document

Department
Economics
Course
EC140
Professor
Peter Sinclair
Semester
Winter

Description
Macroeconomics Chapter 1 Notes -Macroeconomics is the study of the performance of the national economy and the global economy -Using productive resources that economists call factors of production produces goods and services. -Grouped into 4 categories: Land, Labor, Capital, and Entrepreneurship -Land: Essentially natural resources; minerals, oil, gas, coal, water, air, etc -Labor: The work time and work effort that people devote to producing goods and services is called labor. -Includes physical and mental efforts of all people who work on farms and construction sites and in factories, shops, and offices. -Quality of labor depends on human capital, which is the knowledge, and skill that people obtain from education, training, and experience -Capital: Tools, instruments, machines, buildings and other constructions that businesses use to produce goods and services are called capital. -Entrepreneurship: The human resource that organizes labor, land, and capital is called entrepreneurship. -People earn their incomes by selling the services of the factors of production they own: - (Land = Rent), (Labor = Wages), (Capital = Interest), (Entrepreneurship = Profit) -Labor earns the most income -Self interest vs. Social interest -Globalization: This means the expansion of international trade, borrowing and lending, and investment. -The Information-Age Economy: Also known was the informat
More Less

Related notes for EC140

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit