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Canada (162,320)
Economics (1,074)
EC140 (329)
Chapter 1

Macroeconomics Chapter 1 Notes.docx

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Peter Sinclair

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
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