ECON 1000 Chapter Notes - Chapter 1: Financial Capital, Human Capital

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Ardeshir Noordeh

Document Summary

The 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. Microeconomics: is the study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments. How would a tax on e-commerce affect ebay? . Macroeconomics: is the study of the performance of the national economy and the global economy. Two big questions summarize the scope of economics: What we produce varies across countries and changes over time. Canada today, agriculture accounts fro 2% of total production, manufactured goods for 20%, and services (retail and wholesale trade, health care, and education) for 78%. Goods and services are produces by using productive resources that economists call factors of production. Factors of production are grouped into four categories: land, labour, capital, entrepreneurship.