Search for over 100,000 study notes and past assignments!



Download study resources by swapping your own or buying Exchange Credits.



Study from your library anywhere, anytime.

21 Pages Complete Study Notes Year: Pre-2018

Definition of Economics We want more than we can get. Our inability to satisfy our wants is called scarcity. Because we face scarcity we must make choices. An Incentive is a reward that encourages an action or a penalty that discourages one.! ! Economics is the social science that studies the choices that individuals, businesses, governments, and societies make as they cope with scarcity and the incentives that influence and reconcile these choices.! ! Two Big Economic Questions! 1. How do choices end up determining what, how, and for whom goods and services get produced?! 2. When do choices made in the pursuit of self-interest also promote the social-interest?! ! 1. What, How and For Whom?! • What! What we produce varies across countries and time, e.g. 4% of Australian production is in agriculture.! • How! Goods and services are produces using factors of production.! - Land: natural resources! - Labour: physical and mental effort of workers! - Capital: tools, machines and buildings used in production! - Entrepreneurship: human resources that gather land, labour, and capital! • For Whom! Who gets the goods/services depends on the incomes that people earn.! - Land earns rent,! - Labour earns wages,! - Capital earns interest, and! - Entrepreneurship earns profit.! !

This document is 50 Exchange Credits

More about this document:

This document has been hand checked

Every document on Thinkswap has been carefully hand checked to make sure it's correctly described and categorised. No more browsing through piles of irrelevant study resources.

This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

What are Exchange Credits?

Exchange Credits represent the worth of each document on Thinkswap. In exchange for uploading documents you will receive Exchange Credits. These credits can then be used to download other documents for free.

Satisfaction Guarantee

We want you to be satisfied with your learning, that’s why all documents on Thinkswap are covered by our Satisfaction Guarantee. If a document is not of an acceptable quality or the document was incorrectly described or categorised, we will provide a full refund of Exchange Credits so that you can get another document. For more information please read Thinkswap's Satisfaction Guarantee.

Academic Integrity
Studying with Academic Integrity

Studying from past student work is an amazing way to learn and research, however you must always act with academic integrity.

This document is the prior work of another student and has been made available to plagiarism detection tools. Do not copy from this work. Understand how you can responsibly use this work by visiting ‘Using Thinkswap resources correctly’.

Claim a Bounty

Notes on Microeconomics - Page 1
Page 1 /21
Page 1 /21
Notes on Microeconomics - Page 10
Page 10 /21
Page 10 /21
Notes on Microeconomics - Page 15
Page 15 /21
Page 15 /21

Similar documents to "Notes on Microeconomics" avaliable on Thinkswap

Documents similar to "Notes on Microeconomics" are suggested based on similar topic fingerprints from a variety of other Thinkswap Subjects

Browse MQ Subjects


High School