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Macroeconomics Notes- Week 1

by: Camille Dale

Macroeconomics Notes- Week 1 21031

Marketplace > Arkansas Tech University > Business > 21031 > Macroeconomics Notes Week 1
Camille Dale
Arkansas Tech University
GPA 3.5
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About this Document

These notes cover lecture from week one in class
Principles of Economics 1
John R Walker
Class Notes
Macro, Economics




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This 3 page Class Notes was uploaded by Camille Dale on Friday January 22, 2016. The Class Notes belongs to 21031 at Arkansas Tech University taught by John R Walker in Spring 2016. Since its upload, it has received 46 views. For similar materials see Principles of Economics 1 in Business at Arkansas Tech University.

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Date Created: 01/22/16
Macroeconomics Unlimited wants, but limited resources (money) with which to attain them Trade-Off – what to do with those limited resources to get what you want Ex: Broken car – Splurge on a new car OR make repairs to risk making more repairs  Which one saves your resources? Opportunity Costs – costs what you gave up to attain what you want Ex: Taking a college class - $900 OR Missing your favorite T.V. show at the time you would have the class  Have to give up something to get something  Which option is better?  What do you value more?  You will always do what is more satisfying to you at the time, no matter how illogical, because it is what you desire more People respond to incentives Ex: “Buy 1, Get 1 FREE” or “Free Shipping & Handling” Win-Win Agreement – Both parties are satisfied Ex: Duracell batteries supporting the National Guard Both parties get publicity therefor bringing in new people Markets are a great way to organize a business activity/ economy Ex: ConAgra uses the system:  What to produce  How to produce  How much to produce Government intervention can improve or worsen economic outcomes Ex: The seatbelt interlock issue  Made seatbelt interlocks mandatory in vehicles  People got tired of it  Vehicle market spiraled downward  Then they got rid of it, causing it to come back up The more ability for a country to produce goods and services = better the standard of living High standard of living = more stuff (and everyone likes more stuff) The amount of money the government prints does not affect prices The government does not create money, the banks do THAT is what creates fluctuation Society faced between inflation and unemployment (Can’t judge by the result of one product, but by a group of various products) Phillips Curve – When you have low unemployment, inflation increases Economics is like a science:  Make forecasts  Collect data  Consider all factors (which change & cannot be controlled  Spend a lot of time making assumptions (“If...then…”) Never invest more money than you can afford to lose – Consumption occurs the moment of transaction 4 Factors of Production: 1. Land- natural resources 2. Labor- the workers 3. Capital- the building & everything inside of it 4. Entrepreneurship- the owner/manufacturer Combine all 4 = SUCCESS! Product Market To get here Internet or Cash Foreign Register Go through these two to get money Firms Government Households Producers Consumers Factors of Production The consumers OWN this model – Firms need them to be successful


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