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Chapter 1

Chapter 1 - What is Economics Textbook Notes
Chapter 1 - What is Economics Textbook Notes

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York University
ECON 1000
Steven Edwards

thSept 9 2013 ECON 1000Chapter 1 What is Economics1 Scarcity is our inability to get everything we want 2 What society can get is limited by the productive resources available 3 Choice is key Incentives reconcile choices 4 Incentive is a reward that encourages an action or a penalty that discourages one Prices act as incentivesDefinition of Economics 5 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 1 Microeconomics o Study of the choices that individuals and businesses make the way these choices interact in markets and the influence of governments o Eg Why are people downloading more movies How would a tax on ecommerce affect eBay 2 Macroeconomics o Study of the performance of the national economy and the global economy o Eg Why is the Canadian unemployment rate so high Can the Bank of Canada make our economy expand by cutting interest ratesTwo Big Economic Questions 6 How do choices end up determining what how and for whom goods and services are produced 7 Can the choices that people make in the pursuit of their own selfinterest also promote the broader social interest1 What How and For Whom 8 Goods and services are the objects that people value and produce to satisfy human wants 9 Goods are physical objects services are tasks performed for people 10 Factors of production productive resources are used to produce goods and servicesa What i What we produce varies across countries and changes over time ii Eg Agriculture in Canada accounts for 2 of total production whereas in China agriculture accounts for 10
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