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Microeconomics 1001

by: William Feltner

Microeconomics 1001 ECON 1001

William Feltner

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About this Document

These notes cover everything from chapter 1. I included what was assigned in the book and what was gone over in class.
Jim O'Brien
Class Notes
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This 2 page Class Notes was uploaded by William Feltner on Sunday January 31, 2016. The Class Notes belongs to ECON 1001 at University of Cincinnati Blue Ash College taught by Jim O'Brien in Winter 2016. Since its upload, it has received 16 views. For similar materials see Microeconomics in Business at University of Cincinnati Blue Ash College.


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Date Created: 01/31/16
Chapter 1: Economics: The Core Issues Economics: The study of how best to allocate scarce resources among competing issues. Macroeconomics: The study of aggregate economic behavior, or the economy as a whole. Microeconomics: The study of individual behavior in the economy, the components of the larger economy. Macro =”Big Picture” Micro=”Details” 3 basic questions of Economics?(first test question) What to produce? How to produce? For Whom to produce? Scarcity: When there is less of one product, compared to others. What’s scarce? ( Basic Factors) Land Labor Capital Entrepreneurship Opportunity Cost: What is given up to get something else.( everything has an opportunity cost.) Increasing Opportunity Cost: Moving resources from one thing to another is hard. Therefore, as you move resources from one thing to another the cost will rise. Production Possibilities: Combination of final goods and services that could be produced in a given time period using all available resources and technology.( The PPC shows potential output, not necessarily actual output.) Production Possibility Curve( PPC ): Each point on the PPC depicts an alternative mix of output that could be produced.(pg.7,8) Efficiency: Maximum output of a good from the resources used in production. (not all choices on the PPC are equally desired, however they all are efficient. Market Mechanism: The use of market prices and sales to signal desired output. Mixed Economy: Goods and services are allocated based on both Market signals and government directive. Market Failure: An imperfection In the market mechanism that prevents optimal outcome (failed to achieve best possible outcome) Government Failure: Government intervention fails to improve economic outcomes.


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