ECON 1010 Chapter Notes - Chapter 1: Economics, Human Capital, Marginal Cost
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Document Summary
Scarcity is a shortage, not having enough resources to support everyone. Incentive is a reward that encourages an action or a penalty that discourages one. Economics is the social science that studies the choices that individuals, businesses, Ex: price is an incentive govts, 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. How they interact in markets and influence govts. Macroeconomics is the study of the performance of the national economy and the global economy. Goods and services are objects that people value and produce to satisfy wants. Goods are physical objects (phones, laptops, cars) Services are tasks performed for ppl (phone service, car repair shops) Production varies across countries and changes over time. Production is described by the technologies and resources (factors of production) that are used.
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