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ECN 150: Week 1 Notes

by: Alexis Ibarra

ECN 150: Week 1 Notes ECN 150

Marketplace > La Salle University > Economcs > ECN 150 > ECN 150 Week 1 Notes
Alexis Ibarra
La Salle
GPA 3.89
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About this Document

These are the notes from week 1 of Econ 150.
Francis Thomas Mallon
Class Notes




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This 2 page Class Notes was uploaded by Alexis Ibarra on Saturday January 23, 2016. The Class Notes belongs to ECN 150 at La Salle University taught by Francis Thomas Mallon in Summer 2015. Since its upload, it has received 92 views. For similar materials see Macroeconomics in Economcs at La Salle University.


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Date Created: 01/23/16
WEEK 1 NOTES 1/22/16 Economics  How a society takes its limited resources (land, labor, capital, and entrepreneurial ability) and puts them to work in a way that optimizes and best satisfies the insatiable wants and desires  of the members of that society.  Every society has the same resources (not necessary the same level though). How do societies deploy the resources they have?  Socialistic & Communistic Societies: The deployment of the resources will be  dictated or commanded by the government.  Capitalistic Societies: “Invisible Hand”­Adam Smith. This concept was offered which stated that in a capitalistic system, resources will get deployed as if directed by an  invisible hand. (As if God was in charge) However, it is the selfish pursuit of  profit that dictates how resources will be deployed in that society.  It is the system of markets and prices that determines the deployment of resources within that society. The concepts of supply and demand explain the mechanics of  how the system of markets and prices functions.  Keynesians vs. Classicals ­Keynesians say that if the economy is under performing, government has a distinct  responsibility to correct for that under performance. (It is appropriate and necessary for the  government to step in to help drive the economy to the level that it is capable of achieving). ­Classicals say that if the economy is underperforming, leave it alone. The system of markets  and prices will fix it over time.  What are these two groups looking at to determine that the economy is underperforming?  AKA: What are our economic goals?  Jobs ­> unemployment   Full employment is not the same thing as 0 unemployment!  If unemployment is high, this says that we are not using our resources in an effective  way. (Deployment of labor resources is too low)  Value of money  Inflation  GDP: Gross Domestic Product   The dollar value of the final goods and services produced through the use of our  domestic resources  If Toyota (a Japanese corporation) builds a facility in Ohio, they are using Ohio’s  resources, so that is a part of America’s GDP  The range of change in GDP is what is significant. The rate of change has to be  something that is satisfying and consistent. Growth of 1% is growing, but not  satisfiable.


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