Economics-210 ECON 2010
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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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