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Economics 190, week 1 chapter 1, sec 1.1

by: Meral Notetaker

Economics 190, week 1 chapter 1, sec 1.1 ECON 190

Marketplace > University of Nevada - Las Vegas > Economics > ECON 190 > Economics 190 week 1 chapter 1 sec 1 1
Meral Notetaker

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About this Document

These notes cover all the information that were taken this week for chapter one section 1.1
Global Economics
Ahmad Kader
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This 2 page Class Notes was uploaded by Meral Notetaker on Sunday September 4, 2016. The Class Notes belongs to ECON 190 at University of Nevada - Las Vegas taught by Ahmad Kader in Fall 2016. Since its upload, it has received 98 views. For similar materials see Global Economics in Economics at University of Nevada - Las Vegas.


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Date Created: 09/04/16
Chapter 1. section 1.1 -The reason behind the arise of economic questions is due to humans who want to exceed the resources available to satisfy them. Economics: - social science which studies the choices that are made by individuals, businesses, governments, and entire societies make as they cope with scarcity, the incentives that influence those choices, and the arrangements that arranges them. Scarcity: - The condition that arises because people want to exceed the ability of resources to satisfy them. -With scarcity we are forced to choose among the alternatives deepening on the incentives that we face. Incentive: - Something that motivates an individual’s decision-making and in terms of co-operation and competition within a larger institutional structure to perform an action. Economics divide into two parts 1. Microeconomics: - The study of economics in terms of specific units. 2. Macroeconomics: - The study of the economic as a whole. - choices determine what, how, and for whom goods and services get produced. Goods are produced with the help of modern technology to those who have high incomes. (Goods and services are the objects (goods) and actions (services) that people value and produce to satisfy human wants). -The Choices that are best for the individual are choices made in the pursuit of self-interest. However, the choices that are best for society as a whole are choices made in the social interest. Globalization: - The expansion of international trade and the production of components and services by firms in other countries. Ex. Nike produces shoes in Malaysia; Honda produces cars in the United States. Globalization is the pursuit of self-interest. The “Information Age”: - Is the age where makers of computer chips and programs developed products in their self-interest. Climate Change: - The choices we make concerning how to produce and use energy are made in our self-interest Government Budget Deficit and Debt: - Since 2001 the United States government has run a budget deficit about 1.6 billion dollars a day and the number has increased day after day. From 2001 to 2013 the debt was 6.85 trillion dollars. This issue is growing larger day by day.


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