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Mason - ECON 104 - Econ 104, Week 1 - Class Notes

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Mason - ECON 104 - Econ 104, Week 1 - Class Notes

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School: George Mason University
Department: Economics
Course: Macroeconomics
Professor: Stephen Gillepsie
Term: Summer 2015
Tags: Economics, Macroeconomics, and Econ104
Name: Econ 104, Week 1
Description: This is a review of Microeconomics (Econ 103) before we move on to Macro. (All of exam 1 will cover a review in microeconomics).
Uploaded: 01/27/2018
7 Pages 103 Views 82 Unlocks
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Unformatted text preview: MACRO ECONOMICS 104 "we can see the greatest Miracles are before our veny eyes it we take the time to notice tem" BASTIAT 2 la know s 2 092 vo ketid economics - Science of purposekal wuman. action and its unintended consequences IN values, Macro - now the Humans WORLD extre system is have a wind, YOURS coordinated through neeas, 'wants, MLIND ma institutions goals, etc. moting of economy, markets, social order etc. shows your mind relates on SPONTANEOUS ORDER to the world + Show N IPO NI Price System - price is a piece of info that tells H O about a person's needsoul9 29001 - 2 - it's an INFO system in which minds exchange info the only waerde.conomic a cod G $$= MACRO O N'oney-a medium of exchange always evoluing Ar the only systm wide. good in eveny transachon - whatevrur affects the value of money, affects eren times in the econo my pareja - wo money, trade Stop S. constantly bastaong thru nie E destruction of medium of exchange- INFLATION - Money is also a VNIT of ACCOUNT. L> cannot have accounting in a barter world e ble no relative value to A pozio svo) 272inayooo . Financial Intermediaries - BANICS - evolved into monetary uneaton instituttons * - EVERYTHING IN ECON is informations coardinaat ww tutur vel en wil lattopek futures market > - SPECULATORS - acquire scarce info about the future - Shock absorbers for whole economy - ences would be willy volodikomerwise bic Mey art spot prjus - suy rocketing+ plummething creates a HOG CYCLE - Specs Stabilite prices - messengers of la futur" S Accounting systems (informations - spontaneous system w enormous benefit - naps expand institutions Importance oE Theory za 'abstraction away from rtality - waps you orqaniu' tnewortd + , form abstrations - Reach destination TRUTH - process of isolatiog carsation - cause se feest aruan Theory organizes facts lie d i altri - scienu ascovers relevont causar, uariables luu buat co Futust erediction - econo wsts can't Prediet future, iys only speculation 2.15o - suence can't tell you the future - disagreemand does not shwaidate science ubaolulizo zatamu era o Normative . ys Posihtelee (what should be ... Tusha is.) Anal -scienus can't answer erwicon questas liva. " what should be dointe economy? - bout economist s caun disagree about what snousd be anos se burden ison person asking question to porta Jayop aSK A SCR Aliciuy ons werablo. questunE ASSWS PHOns - macro is built on the foundation of mucns is based on matt assumptions LL- Assumptions of MCRO und zu O scaruty just because you haut needs, doesn't means you just have them fulfilled - have to mama chaites to fulfil needs - Priues are evidence of scarcity Loren rcgure trade offs - never confuse SCARCITY W) SHOP TAGES, de SURPUSES FREE GOODS - setus / THAT Shoras L surpluses are a pnce pharomenon - No scaraty, Sverus, no choices, BUT STIU FREF GOOD, no economy - NOT SCARLE SCARCE only individual choose > memodologicno - We art we economy blc Individualism mavue me choices that definit -abstautions have to be hawabu back. ko enoju haver uno an Rational anoice -"radionality = means to an end; intentions - People can make wstanies + Shill be vational. - it's all about fulfriti na your goals

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