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by: Marissa Bartlett

Economics-210 ECON 2010

Marissa Bartlett
GPA 2.8

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About this Document

These are the first notes we took. Includes Chapter 1, which was just the intro
Principles of Economics: Microeconomics
Colin O'Reilly
Class Notes
25 ?




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This 2 page Class Notes was uploaded by Marissa Bartlett on Wednesday January 27, 2016. The Class Notes belongs to ECON 2010 at University of Wisconsin - Stout taught by Colin O'Reilly in Winter 2016. Since its upload, it has received 55 views. For similar materials see Principles of Economics: Microeconomics in Economcs at University of Wisconsin - Stout.

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Date Created: 01/27/16
Principles of Economics-I What is Economics?  Supply and Demand  Inflation  Concept of money  GDP  Finance  Textbook Definition: o The study of how to allocate scarce resources with alternative uses. Opportunity Cost  Next best alternative forgone Who faces scarcity?  Individuals  Government  Firms (businesses) Chapter 1 Big Ideas: Big Idea #1: Incentives  Incentives Matter  Rewards or penalties that influence behavior o Example: High GPA on resume for going to and completing courses o Example: Getting a ticket from speeding. Big Idea #3: Trade-offs are everywhere  Opportunity cost  Example: going to college--- tuition and the amount of time Model:  Simplify a complex world  Assumptions- technology is constant  Example 2 goods Graph Production Possibilities Curve:  A: 0 Beers = 10 Cars  B: 20 Beers = 0 Cars  C: 10 Beers = 5 Cars o Get 10 cases of beer, but give up 5 cars o “NO FREE LUNCH” Macroeconomics:  Concerned with the functioning of the whole economy o Aggregates: groupings/ adding up Big Idea #9: Inflation  Prices rise when the government prints too much money Big Idea #8: Economic booms & busts  Cannot be avoided but can be moderated  Recession- people lost jobs, unemployment doubled o How do we slow down a recession/ another great depression?  Policy: o Fiscal Policy: Government decisions  Taxes  Spending o Monetary Policy:  Printing money  Interest rates


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