New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Econ 202 Week one notes

by: Danielle Notetaker

Econ 202 Week one notes Econ 202

Marketplace > University of Oregon > Econ 202 > Econ 202 Week one notes
Danielle Notetaker
GPA 3.2
Urbancic M

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Complete lecture notes from week one.
Urbancic M
Class Notes
Economics, econ202
25 ?




Popular in macroeconomics

Popular in Department

This 0 page Class Notes was uploaded by Danielle Notetaker on Wednesday January 6, 2016. The Class Notes belongs to Econ 202 at University of Oregon taught by Urbancic M in Spring2015. Since its upload, it has received 109 views.

Similar to Econ 202 at UO


Reviews for Econ 202 Week one notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/06/16
Econ 202 01072016 Day one Intro to economics oiKovouid oikonomia household management quotEconomics is the study of how individuals andsocieties choose to use the scarce resources thatnature and previous generations have providedquot The two key concepts of economics are Scarcity amp Choice Why study economics 1 To learn a way of thinking Opportunity cost Marginalism Ef cient markets 2 To understand society 3 To understand global affairs 4 To be an informed citizen Microeconomics Studies the behavior of decisionmaking units individual rms individual agents or households Macroeconomics Studies the behavior of economic aggregates such as income unemployment and in ation on a national scale Positive vs Normative Statements Positive statements Statements of how the economy does work Descriptive scienti c devoid of value judgments Statements of fact Can be either true or false Normative statements Statements of how the economy should work Realm of values judgments and public policy Statements of opinion No objective way to determine whether they are true Day two Positive Economics Descriptive economics Data Statistics Economic theorv Modem Empirical economics Natural experiments Experimental economics Economic Models An economic model Is a formal statement of a theory May be expressed in words equations or graphs Describes relationships between variables of interest Makes assumptions ceteris paribus all else being equal Is an abstraction or simpli cation of reality quotEssentially all models are wrong but some are usefulquot Four Economic Policy Criteria Efficiency Are outputs produced at the least cost Egu y Is the distribution of income andor wealth fair Growth How fast will the economy grow Stability Can economic uctuations be dampened or tamed The Roots of Macroeconomics The Great Depression was a period of severe economic contraction and high unemployment that began in 1929 and continued throughout the 19305 Economists at the time were puzzled about the causes of the Depression and how best to deal with it Actually modern economists still argue about the origins and persistence of the Great Depression Keynes In 1936 John Maynard Keynes published The General Theory of Employment Interest and Money Keynes believed that governments could and should intervene in the economy and affect the level of output and employment during crises Macroeconomic Concerns Three of the maior concerns of macroeconomics are Output growth Is the number of goods and services produced by the economy increasing Can we induce it to increase faster Unemployment Why are there always at least some people who want to work but can t nd jobs Why does this problem vary over time What can be done to mitigate this In ation de ation How are prices changing overall What causes these price changes in the aggregate Can in ation or de ation be controlled How Measuring Output The main indicator of how an economy is doing is aggregate output which is usually measured in terms of gross domestic product GDP Gross domestic product GDP Functions as a barometer for the economy Gives us a measurement that we can use to analyze economic growth over time Allows us to compare productivities of regions or nations Is not perfectly straightforward some qualities of life not easily captured by numbers Gross domestic product GDP is the total market value of all nal goods and services ie intermediate goods or services don t count produced within a given period ie previously produced goods or services don t count by factors of production located within a country ie goods or services made elsewhere don t count Transfers of money and assets that don t involve the production of a good or service also don t count Three Uses of GDP Data Why are GDP gures useful to examine 1 They help to estimate living standards across time and nanns 2 They help to measure economic growth 3 They help to determine whether an economy is experiencing a shortrun expansion or recession that isto learn more about where we are in the business cycle Measuring Living Standards Total GDP doesn t adjust for population size of country A better measure of measuring the standard of living in a country is per capita GDP Per capita GDP simply means GDP per person that is just take the GDP and divide it by the population Gives the average ie mean living standards in a nation


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.