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ECON 201 Week One

by: Marcus Itaro

ECON 201 Week One

Marcus Itaro
GPA 3.19
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Revised PDF file, covers lecture's key concepts and terms.
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This page Class Notes was uploaded by Marcus Itaro on Sunday January 24, 2016. The Class Notes belongs to at University of Tennessee - Knoxville taught by in Summer 2015. Since its upload, it has received 81 views.


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Date Created: 01/24/16
Econ 201 Chapter One Key terms of the lecture are emboldened and italicized Economic focus of this lecture is scarcity o Scarcity is the condition in which wants are infinitely greater than the resources available 0 Human wants are infinite therefore the finite resources available to satisfy these wants are scarce Resources that are scarce consist of but are not limited to raw materials labor physical capital human capital entrepreneurship and technology Scarcity is a primary focus of economists and a quotFundamental Problem of Economics Three Questions for Society 1 What goodsservices should we make Efficiency 2 How should we make the goodsservices Efficiency 3 How do we allocate the goodsservices Equity Efficiency involves maximizing production and minimizing costsconsumption Equity involves who receives what and how much Normative vs Positive Language Normative o quotHow the world should be 0 Moral and subjective reasoning 0 Ex The government should stop funding of Planned Parenthood Positive 0 quotHow the world is 0 Objective reasoning factbased 0 Ex If the government stopped funding of Planned Parenthood there would be more money available to allocate to other government funded projects You can think of Normative vs Positive as Opinion vs Fact Microeconomics and Macroeconomics Microeconomics concerns the individual as well as business and government and their interactions with each other Macroeconomics concerns largerscale decisions on the state national and global level Assumptions Theories and Models Assumptions simplify the world Theories identify causal relationships between variables Correlation does not equal causation Models are quantitative representations of the topic at hand numbers and percentages


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