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UNLV / Economics / ECON 190 / all economic questions and problems arise from

all economic questions and problems arise from

all economic questions and problems arise from


School: University of Nevada - Las Vegas
Department: Economics
Course: Global Economics
Professor: Ahmad kader
Term: Fall 2016
Tags: what, IS, and Economics
Cost: Free
Name: ECON 190 Week#1
Description: These notes cover the first part of chapter 1
Uploaded: 02/07/2017
2 Pages 111 Views 9 Unlocks

ECON 190­1002 SPRING 2017 Wednesday January 18, 2017   When you have completed your study of this  chapter, you will be able to   Define economics and explain the kinds of  questions that economists try to answer   Explain the ideas that define the economic  way of thinking   Economic Problem  Scarcity  Arability to satisfy or wants is limited  Limited time, income, resources,        Insatiable    Economics (Micro and Macro)  The social science that studies the  choices that individuals, businesses,  governments, and entire societies, make as they cope with scarcity  The incentives that influence those  choices   Microeconomics  The study of the choices that  individuals and businesses make  The way these choices interact and are  influenced by government   Macroeconomics    The study of the aggregate (or total)  effects on the national economy  The global economy of the choices that individuals, businesses, and  governments make    Globalization  Expansion of international trade and  the production of components and  services by firms in other countries   Has been going on for centuries   2 Big Questions   Question # 1  Who do choices determine what, how,  and for whom goods and services get  produced?  When do choices made in self­interest  also promote the social­interest? ♦   we import a lot of labor  intensive products and we  export more capital­intensive   Question # 2  The choices best for one’s choice for  themselves is self­interest  Society would benefit from your self interest  1.1 DEFINITION AND QUESTION   All economic questions and problems arise  because human wants exceed the resources  available to satisfy them  Scarcity  Scarcity is the condition that arises because wants exceeds the ability of resources to  satisfy them  Faced with scarcity, we must make choices —we must choose among the available  alternatives  The choices we make depend on the  incentives we face  1.1 DEFINITION AND QUESTION   Economics Defined Economics is the social science that studies the  choices that individuals, businesses,  governments and entire societies make as the  cope with scarcity, the incentives that influence  those choices, and the arrangements that  coordinate them.   1.1 DEFINITION AND QUESTION   Economics Divides into Two Parts:  Microeconomics: The study of the choices  that individuals and businesses make and  the way these individuals and businesses  make and the way these choices interact and are influenced by governments  Macroeconomics:  The study of the  aggregate (or total) effects on the national  economy and the global economy of the  choices that individuals, businesses, and  governments make 

 How do choices determine what, how, and for whom goods and services get produced?

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1 | P a g eECON 190­1002 SPRING 2017 Wednesday January 18, 2017  1.1 DEFINITION AND QUESTION   Two Big Economic Questions:  How do choices determine what, how, and  for whom goods and services get produced?  When do choices made in self­interest also  promote the social interest?

1.1 DEFINITION AND QUESTION   What, How, and For Whom?  Goods and services are the objects (goods)  and actions (services) that people value and  produce to satisfy human wants.  What goods and services get produced and  in what quantities?  How are goods and services produced?   For Whom are the various goods and  services produced? 1.1 DEFINITION AND QUESTION   Can the Pursuit of Self­Interest Be in the  Social Interest?  The choices that are best for the individual  who makes them are choices mad in the  pursuit of self­interest  The choices that are best for society as a  whole are choices made in the social  interest

 What goods and services get produced and in what quantities?

 What, How, and For Whom?

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