Macroeconomics Notes- Week 2
Macroeconomics Notes- Week 2 21031
Arkansas Tech University
Popular in Principles of Economics 1
CHM 11500 - 001
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This 1 page Class Notes was uploaded by Camille Dale on Monday January 25, 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 21 views. For similar materials see Principles of Economics 1 in Business at Arkansas Tech University.
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Date Created: 01/25/16
Macroeconomics Public Goods ie Guns x A Give up more gun production AF G B C D To get more butter Private Goods production ie Butter Production Possibilities Curve Shows what could happen in the market 0 Produce points the curve not inside of it 0 Not fully utilizing the factors of production 0 Not used as well as they could be 0 Leads to unemployment Only produce on points F amp G if curve is pushed inward or outward 0 Results in meeting either optimal or minimal utilization of resources 0 Technology can push the curve outward 0 Women remaining in work force can push it outward Macroeconomics is 2 broad categories 1 Macro looks at the economy as a whole all consumers w all producers how economies interact w each other looks at the general view 2 Micro looks at the individual consumer how they make their decisions oneonone Countries use economists for advice although it sometimes isn t followed Used as a guideline amp not always followed Often times the advice doesn t take human factors into consideration ie it may help the country but not the everyday lives of people A Guns Shows what will happen l 39 Shows what could 4 happen L V Butter Institutional Production Probabilities Curve E Land not going to actually use all of it not in the best interest of the people Labor we purposefully exclude people from jobs child labor laws Capital have to have a certain stopping point of production to keep your things in good shape
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