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econ 2002

econ 2002

Description

School: Ohio State University
Department: Economics
Course: Macroeconomics
Professor: Darcy hartman
Term: Fall 2016
Tags: Economics, Macroeconomics, and Macro
Cost: Free
Name: ECON 2002.01- Week 1 Class Notes
Description: Class notes from first two sessions of Macroeconomics
Uploaded: 01/18/2017
2 Pages 90 Views 0 Unlocks
Reviews



For whom should goods and senios be produad?




& How should goods and Services be produced?




What should be produced?



other ola ECONOMICS - the study of choice. - How people choose among alternative uses of their scarce sources Study Soup scarcity -the um aitim of having to choose - needs t wants rescrunces se parents shalage La cmditim, not a fixable probum ca shortage would be fixabled scarcity forces choices to be made & these choices have tradeoffs opporDon't forget about the age old question of one class note
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tunity cost-the value of the 2nd best alternative, what you galie up by making the choice you ara ithe trade off) Scarcity and Fundamental Economic Questions: 1. What should be produced? & How should goods and Services be produced? 3. For whom should goods and senios be produad? SOUD Study SOUD Study Soup Economic Thinking 1. Special emphasis on opportunity cost 2. RationaĆ¼ty assumption (parsue their best self interest) 3. People respond to incentives 4. Choices are made at the margin @studySoup CN Study Maricet- group of buyers and sellers of a good or service Study Soup Manet economy vs. - capitalism Centrally planned - Sociacism, communish StudySoup Why does it matter? - Efficiency -market economies are more efficient - Productive efficiency - Allocathe efficiency -MB=MC of last unit produced and sold Voluntary exchange is a characteristic of a Imancet econany is buyer and seller are made better off bu transaction a su Efficiency vs. Equity effidency is not guaranteed in a market economy, but more likelly in same aases, efficiency may not be desired is sometimes equity is the goal hard to define fair @studySoup - Micro v. Macro - Normative & Positie statements studySoup StudySoup consumption Possibilities $ 10 budget 1 pizza- $10 I 12-pack arinks - 10 In soup/ Pizza = 1 12-pack 8 suces = 12 cans 2 / slice - I can Study Soup Study Soup StudySoup

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