ECON 1000 Chapter Notes -Economic Model, Marginal Utility, Opportunity Cost

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: George Georgopoulos

Document Summary

Economics - study of choices made by people, business, and government coping with scarcity and incentives. Scarcity inability to satisfy all of our wants. Incentives reward that encourages an action (price drop = more reason to buy) Microeconomics choices made by individuals and business and the way they affect the market and influence the government. Macroeconomics studies national economy and global economy (inflation, taxes) Good and services objects people value and satisfy human needs. What we produce changes over time depending on trends and the society. Goods are produced using productive resources (aka) factors of production, which includes: Labour (time and effort used to produce goods) human capital is the knowledge and skills within your business. Capital (all the things needed to create something) financial capital is the money you need to buy physical assets. Entrepreneurship (organization of land, labour, and capital)