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EC 111 Notes

by: JS24

EC 111 Notes Econ 111

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About this Document

Economics 111 first week of notes
Kent 0. Zirlott
Class Notes
EC 111, Zirlott, Macroeconomics




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This 2 page Class Notes was uploaded by JS24 on Wednesday January 20, 2016. The Class Notes belongs to Econ 111 at University of Alabama - Tuscaloosa taught by Kent 0. Zirlott in Fall 2016. Since its upload, it has received 164 views.


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Date Created: 01/20/16
▯ EC 111 Jan 20 ▯ ▯ What Economics is All About  Scarcity: the limited nature of society’s resources  Economics: the study of how society manages its scarce resources o How people decide what to buy, how much to work, save, and spend o How firms decide how much to produce, how many workers to hire o How society decides how to divide its resources between national defense, consumer goods, protecting the environment, and other needs ▯ Principle #1: People Face Tradeoffs ▯ All decisions involve tradeoffs ▯ Efficiency vs. Equality  Equality: When prosperity is distributed uniformly among society’s members  Efficiency : when society gets the maximum from its scarce resources ▯ Principal #2: The Cost of something is what you give up to get it; opportunity cost  The Opportunity Cost is the cost of whatever is given up in order to obtain it ▯ Principal #3: Rational People Think at the Margin  Rational People o Purposefully doing the best one can to achieve their objectives o Decision making by looking at the costs and benefits of marginal changes ▯ Principal #4: People Respond to Incentives  Incentive – something that gives a reason for someone to act (good or bad) ▯ Principal #5: Trade Can make everyone better off  Trade makes for better price abroad for goods they produce ▯ Principal #6: Markets are usually a good way to organize economic activity  Market: group of sellers and buyers ▯ Principal #7: Governments can sometimes improve market outcomes  Enforcing property rights  Public policy may promote efficiency ▯ Principal #8*: A country’s standard of living depends on its ability to produce goods and services  The most important determinant of living standards: productivity ▯ Principal #9: Prices rise when the government prints too much money  Inflation: causes the values of money to fall and increases in the general level of prices ▯ Principal #10: Society faces a short run tradeoff between inflation and unemployment  In the short run, many economic policies push inflation and unemployment in opposite directions


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