Textbook Notes (368,122)
Canada (161,660)
York University (12,802)
Economics (1,011)
ECON 1000 (397)
Chapter

ECON 1000 Cha. 1 Notes.docx

2 Pages
105 Views
Unlock Document

Department
Economics
Course
ECON 1000
Professor
Sadia Mariam Malik
Semester
Fall

Description
ECON Cha. 1 Jot Notes - Your choices must be made consistent with the choices of others (ex. you want to buy a laptop, someone must choose to sell a laptop) - Incentives reconcile choices (ex. prices high or low) - 2 big economic questions: 1) what, how, and for whom goods and services are produced? 2) can the choices people make of self-interest also promote social interest? What we produce: - 2% agriculture, 20% manufacture goods, 78% services in Canada - 10% agriculture, 46% manufacture goods, 44% services in China How do we produce goods/services: - Factors of production; land (natural resources), labour, capital, entrepreneurship - Land surface, water, and some minerals are renewable/recycled, but resources to create energy is non-renewable - The quality of labour depends on human capital - 93% of Canadians have high school degree, 23% of university degree, and 40% have some post secondary degree - Capital is the tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services. (financial capital is not a productive resource, because it is not used to produce goods/services) - Entrepreneurship: the human resource that organizes labour, land, and capital For whom do we produce: - People earn income by selling the services of the factors of production they own; land earns rent, labour earns wages, capital earns interest, entrepreneurship earns profit - Labour earns the most income (70% of total income) - People in the richest 20% earn more than 10x the income of those in the poorest 20% Social interest - The social interest has 2 dimensions: efficiency, and equity (fairness) - Efficiency is achieved when resources are used to produce goods and services at the lowest
More Less

Related notes for ECON 1000

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