By Robin Bade (Author) Michael Parkin (Author)
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Additional info for Microeconomics: Canada in the Global Environment
Human capital expands over time. Today, 93 percent of the adult population of Canada have completed high school and 23 percent have a college or university degree. 2 shows these measures of human capital in Canada and its growth over the past 38 years. CHAPTER 1 What Is Economics? 2 A Measure of Human Capital 100 Less than Grade 9 a wide range of goods and services. People with small incomes have fewer options and can afford a smaller range of goods and services. 3 percent of the adult population had a university degree.
An absence of competition gave Microsoft the power to sell Windows at prices far above the cost of production. With lower prices, many more people would have been able to afford and buy a computer. The information revolution has clearly served your self-interest: It has provided your cellphone, laptop, loads of handy applications, and the Internet. It has also served the self-interest of Bill Gates who has seen his wealth soar. But did the information revolution best serve the social interest? Did Microsoft produce the best possible Windows operating system and sell it at a price that was in the social interest?
Choices respond to incentives. Two big questions summarize the scope of economics: 1. How do choices end up determining what, how, and for whom goods and services are produced? 2. When do choices made in the pursuit of selfinterest also promote the social interest? Working Problems 2 and 3 will give you a better understanding of the two big questions of economics. ■ ■ ■ Economists distinguish between positive statements—what is—and normative statements— what ought to be. To explain the economic world, economists create and test economic models.