Econ 101 Notes

Econ 101 Notes - Econ101Notes CHAPTER1 03:32

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Econ 101 Notes 03:32 CHAPTER 1 Scarcity- Our inability to satisfy all our wants is called scarcity Incentive- a reward that encourages an action or a penalty that discourages one. Economics- 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. Two main parts of Economics Microeconomics – the study of the choices that individuals and businesses  make, the way these choices interact in markets and the influence of  governments. Macroeconomics – the study of the performance of the national economy and  the global economy. Goods and services- the objects that people value and produce to satisfy human  wants. Land, labour, capital, entrepreneurship Self interest- the choice that you think is the best for you Social interest- the choice that leads to an outcome that is best for the society
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Econ 101 Notes - Econ101Notes CHAPTER1 03:32

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