ECON 1000 Chapter Notes - Chapter 1: Opportunity Cost, Allocative Efficiency, Marginal Cost

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ECON 1000 Full Course Notes
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ECON 1000 Full Course Notes
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Economics: is the social science that studies the choice that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Microeconomics: is the study of the choice that individuals and businesses make, the way these choices interact in markets, and the influence if governments. Macroeconomics: is the study of the performance of the national economy and the global economy. Factors of production: land the gift of nature that we can use to produce goods and services, labour the work time and work effort that people devote to producing goods and services. Mental: capital tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services. Human capital is the knowledge and skill that people obtain from education: entrepreneurship is the human resource that organizes labour, land and capital.

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