New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Econ 1020 Week 1 Notes

by: Matthew Stein Oakley

Econ 1020 Week 1 Notes ECON 1020

Marketplace > University of Denver > Economcs > ECON 1020 > Econ 1020 Week 1 Notes
Matthew Stein Oakley
GPA 3.92
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Intro to Macroeconomics

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Intro to Macroeconomics notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

These notes over what will be on our next exam.
Intro to Macroeconomics
Dr. Chiara Piovani
Class Notes
economics chiara piovani




Popular in Intro to Macroeconomics

Popular in Economcs

This 3 page Class Notes was uploaded by Matthew Stein Oakley on Sunday January 31, 2016. The Class Notes belongs to ECON 1020 at University of Denver taught by Dr. Chiara Piovani in Winter 2016. Since its upload, it has received 22 views. For similar materials see Intro to Macroeconomics in Economcs at University of Denver.


Reviews for Econ 1020 Week 1 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/31/16
Traditional Economics (Orthodox)  Follows neoclassical economics since 1980  “Trickle-down” theory – money goes down the pyramid starting from rich people.  Traditions, customs, beliefs shape the goods and services produced o As well as rules and manner of their distribution  Countries that use this type of economic system are often rural and farm-based Critical Economics  Radical economics  Post-Keynesian economics  Feminist economics  Institutional economics -Epistemology is the investigation of what distinguishes justified belief from opinion -Society -Well-being (2 factors): 1. Economic growth (GDP) 2. Efficiency (use resources in best possible way) Other dimensions matter:  Environmental sustainability  Distribution  Unpaid activities o Taking care of children/elderly o Housework o Volunteering work Markets  Allow free choices, but not always free  Self-regulating  Economy always gravitating around equilibrium  Government roles: o Property rights o Contracts o Market failures o Externalities -Disequilibrium is more frequent than equilibrium  Conflict and power matters: o Corporations  Have both political and economic power o Environmental destruction o Discrimination (immigrants often fall subject to unemployment) o Policies are necessary to improve upon market institutions  Radicals: systemic change GRAPHS -Relationship between two variables - Consumption behavior  1 individual  If price increases, the quantity demanded goes down o Inverse Relationship between price and quantity when talking about CONSUMPTION -Movement along the curve of a demand graph -Explained by change in price (Quantity demanded) -Shift of the curve on a demand graph -A change in a factor affecting the relationship between the two variables (not directly represented on our graph) -Slope of demand curve matters - Rise/Run = the change in Y/ the change in X = the change in price/the change in quantity -The flatter the curve, the bigger the adjustment and the smaller the slope CHAPTER 2 – Basic concepts and models in traditional economics o Scarcity – limited amount of resources given at a specific time o Resources are considered inputs or factors of production  Labor (workers)  Capital (physical capital – all machines and equipment involved)  Land (natural resources)  And available technology o Resources + Technology  PRODUCTION  Goods and Services  Objective: efficiency o Because of scarcity, there is a use of trade-offs in the use of resources o Opportunity cost considered for trade-offs PPF: Production Possibility Frontier o Assumptions o 2 goods that can be produced:  “Guns” (Invest in heavy industries in order for more capital available)  “Butter” (Consumer goods) o Given resources and technology  Labor  Workers are specialized o Graph is bow-shaped o Increasing slope along the production possibility curve o Each point on the curve gives us a maximum of production given our resources


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.