econ 1bo3 - Ch. 1 Pg. 1 1 Economics 1B03 Lecture One: An...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Economics 1B03 Lecture One: An Introduction to Economics Last edit: June 21 st Economics = study of how we manage our scarce resources Microeconomics = study of the decisions of individuals, households and firms in specific markets Macroeconomics = study of the overall functioning of an economy such as economic growth, unemployment or inflation (Ec 1BB3) SCARCITY in microeconomics is not the same as poverty It arise from the assumption of very large (or infinite) wants or desires and fact that resources to obtain goods and services are limited wants exceed resources necessary to obtain them therefore we must make choices every choice leads to a cost Principles of Economics: 1. People face trade-offs Ch. 1 Pg. 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
every decision involves choices – more of one good means less of another income/wealth is not limitless; only so much time applies to individuals, families, corporations and societies 2 Cost of something is what you give up to get it when we make a decision we implicitly compare the
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

econ 1bo3 - Ch. 1 Pg. 1 1 Economics 1B03 Lecture One: An...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online