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economics 190 week 1 definitions

by: Meral Notetaker

economics 190 week 1 definitions ECON 190

Marketplace > University of Nevada - Las Vegas > Economics > ECON 190 > economics 190 week 1 definitions
Meral Notetaker

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About this Document

These notes cover definitions from chapter 1 section 1.1
Global Economics
Ahmad Kader
Class Notes
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This 1 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 20 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. sec 1.1 Definition’s 1. 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. 2. Scarcity: - The condition that arises because people want to exceed the ability of resources to satisfy them. 3. 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. 4. Microeconomics: - The study of economics in terms of specific units. 5. Macroeconomics: - The study of the economic as a whole. 6. Self-interest: - The Choices that are best for the individual 7. Social interest: - The choices that are best for society as a whole. Globalization: - The expansion of international trade and the production of components and services by firms in other countries. 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.


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