New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

ECON 1102 Ch 1 Notes

by: Diana Oborna

ECON 1102 Ch 1 Notes ECON 1102

Marketplace > Temple University > Economics > ECON 1102 > ECON 1102 Ch 1 Notes
Diana Oborna
GPA 3.86
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Microeconomic Principles

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Microeconomic Principles notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

These notes are from the first chapter of the textbook and provide a general overview of economics.
Microeconomic Principles
John DiLeonardo
Class Notes
Macroeconomics, Microeconomics, Economics




Popular in Microeconomic Principles

Popular in Economics

This 2 page Class Notes was uploaded by Diana Oborna on Monday August 29, 2016. The Class Notes belongs to ECON 1102 at Temple University taught by John DiLeonardo in Fall 2016. Since its upload, it has received 4 views. For similar materials see Microeconomic Principles in Economics at Temple University.

Similar to ECON 1102 at Temple

Popular in Economics


Reviews for ECON 1102 Ch 1 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 08/29/16
ECON 1102 Chapter 1: What is Economics? Economics: 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.  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 (g/s): the objects that people value and produce to satisfy wants. (physical objects versus tasks performed for people) Factors of Production:  Land: natural resources that we use to produce g/s; includes land, minerals, oil, gas, water, air, forests, and fish o Earns rent  Labor: work time and work effort that people devote to producing g/s; includes physical and mental efforts of people who work o Quality of labor depends on human capital (the knowledge and skill that people obtain from education, on-the-job training, and work experience; can increase or decrease over time) o Earns wages  Capital: tools, instruments, machines, buildings, and other constructions that businesses use to produce g/s o Financial capital consists of stocks and bonds for example; not used to produce g/s nor is it a factor of production however, it does play a role in enabling businesses to borrow funds used to purchase physical capital o Earns interest  Entrepreneurship: human resource that organizes labor, land, and capital; entrepreneurs drive economic progress by developing new ideas about what and how to produce, make business decisions, and bear the risks that arise from said decisions o Earns profit Self-interest: the choice you think is the best one available for yourself Social interest: a choice or outcome that is best for society as a whole  Issues that raise questions about social interest o Globalization: the expansion of international trade, borrowing and lending, and investment o Information-age monopolies: technological change of the past 40 years o Climate change: result of pouring billions of tons of carbon dioxide emissions into the atmosphere a year on the global climate o Financial instability: The Great Recession for example Efficiency: when the use of a resource cannot make someone better off without making someone else worse off (a situation that can’t be improved upon) Tradeoff: an exchange; making a choice means we are selecting from the available alternatives Rational choice: a choice that compares costs and benefits and achieves the greatest benefit over cost for the person making the choice Benefit: the gain or pleasure that something brings and is determined by preferences (a person’s likes and dislikes and the intensity of the feelings) Opportunity cost: the highest forgone alternative  Can be an all or nothing decision  Can involve choosing how much of an activity to do o This decision can be made at the margin (comparing the benefit of a choice with its cost) o Marginal benefit is therefore the benefit that arises from a one unit increase in an activity o the opportunity cost of an increase in an activity is the marginal cost Positive statement (what is) versus normative statement (what ought to be)  Economists make this distinction in order to discover how the economic world works Economic model: description of some aspect of the economic world that only includes the necessary features for the given purpose


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.