Class notes
Class 1 Notes
- Institution
- University Of Western Ontario (UWO )
Lecture notes of 42 pages for the course Principles of Microeconomics at UWO (Class 1 Notes)
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,1 WHAT IS ECONOMICS?,A"er studying this chapter, you will be able to:
u Define economics and dis-nguish between
microeconomics and macroeconomics
u Explain the two big ques-ons of economics
u Explain the key ideas that define the economic way
of thinking
u Explain how economists go about their work as
social scien-sts and policy advisers
u Describe the jobs available to the graduates of a
major in economics
Copyright © 2019 Pearson Canada Inc.
, Definition of Economics
All economic questions arise because we want more than
we can get.
Our inability to satisfy all our wants is called scarcity.
Because we face scarcity, we must make choices.
The choices we make depend on the incentives we face.
An incentive is a reward that encourages an action or a
penalty that discourages an action.
Copyright © 2019 Pearson Canada Inc.
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