ECON 1000 Chapter Notes - Chapter 1: Microeconomics, Carbon Footprint, Marginal Utility

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26 Oct 2018

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Definition of economics: a 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, divided into 2 parts, microeconomics. Study of the choices that individual and businesses make. The way these choices interact in the market and influence the government: macroeconomics. What, how and for whom: goods and services are the objects that people value and produce to satisfy wants, goods: physi(cid:272)al o(cid:271)je(cid:272)ts like (cid:272)ellpho(cid:374)es, (cid:272)ars , services: tasks performed for people like cellphone ser(cid:448)i(cid:272)es, (cid:272)ar repairs . What: canada accounts for 2% of total production 28% of manufactured goods, 70% if services (retail and wholesale trade, healthcare, and education, chinas agriculture accounts for 8% of total production, How: resource used to produce goods and services are factors of production, land. Land surface and water is renewable, but the resources used to produce energy are non-renewable: labor.

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2) Which of the following is the best definition of economics? A) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. B) The study of how consumers and producers meet each other at the market. C) The study of how a provincial government allocates tax dollars. D) The study of how consumers spend their income. E) The study of how producers decide what inputs to hire and what outputs to produce.

1) Which of the following is the best definition of economics? A) The study of how producers decide what inputs to hire and what outputs to produce. B) The study of how a provincial government allocates tax dollars. C) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. D) The study of how consumers spend their income. E) The study of how consumers and producers meet each other at the market.

Economics is all of the following except:

A. a subject that studies incentives.

B. a subject that tells governments what they must do.

C. a social science.

D. a subject that is divided into microeconomics and macroeconomics.

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ECON 1000 Chapter Notes - Chapter 1: Microeconomics, Carbon Footprint, Marginal Utility

ECON 1000 Full Course Notes

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