Ch01-Lecture+Notes - Definition of Economics A study of the...

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Definition of Economics A study of the choices an individual or a group of individuals make. You have to choose among options because resources available to you is limited or scarce . You weigh benefits and costs of each options to select among them Economists say that you have an incentive to take certain action if it comes with a reward. You’d have an incentive not to take an action if it comes with a penalty. Incentives for or against an option is considered when “calculating” benefits and costs. [ ]
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Two Big Questions (“Traditional”) Economists Are Concerned About 1. Production and Allocation of Goods and Services What goods and services are produced? [ ] How are they produced? i. Production technology: not just engineering, but also institutional/organizational etc. ii. Factors of production: four large categories – “Land” (incl. natural resources), “ Labor ” ( human capital [ ] affects its quality and productivity), “ Capital ” (catch-all word for man-made aids to production), and “ Entrepreneurship ” (process of discovering new ways of combining resources for productive purposes).
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