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Econ 1020 Week 4 Notes Winter Quarter

by: Matthew Stein Oakley

Econ 1020 Week 4 Notes Winter Quarter ECON 1020

Marketplace > University of Denver > Economcs > ECON 1020 > Econ 1020 Week 4 Notes Winter Quarter
Matthew Stein Oakley
GPA 3.92

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About this Document

These notes cover what's going to be in our next exam.
Intro to Macroeconomics
Dr. Chiara Piovani
Class Notes
economics chiara piovani
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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 7 views. For similar materials see Intro to Macroeconomics in Economcs at University of Denver.

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Date Created: 01/31/16
Adam Smith (18 century):  Commercial capitalism o Manufactories: capitalists & workers o Traditional techniques of production  Classical economics: o Adam Smith o David Ricardo o John Stuart Mill o Karl Marx  Analysis of commercial capitalism: o Source of wealth = LABOR  division of labor  increase in productivity o Markets; self-interest  social harmony  Competition  Markets are self-regulating  Laissez-faire Government:  Prevent market power  3 roles: o Defense o Justice o Public Goods  Infrastructure  Education 3 Social Classes: 1) Capitalists  Profit a. Interest in market power to increase profit 2) Workers  Wage a. Potential conflict between capitalists/workers b. Workers lack education and time 3) Landlords  Rent a. Has a passive role From Adam Smith:  Labor Theory of Value o (Labor is the source of wealth)  Class conflict o Karl Marx – critical economics (Radicals)  Laissez Faire (self-regulating markets)  Self-interest  social harmony o Traditional economics today Karl Marx: 2 common misconception of capitalism:  Capital  Exchange o Production Historical Materialism Base of Structure  Superstructure Capitalism leads to:  Dehumanization  Alienation  Exploitation Money  Commodities  Money’ Money’ – Money = Surplus Value (Profit) Outline Circular flow diagram;  Demand: demand schedule, curve, and shift factors o Looks at the behavior of buyers  Supply: supply schedule, curve, shift factors  Quantity demanded of any good is the amount of the good that buyers are willing and able to purchase.  Law of demand: the claim that quantity demanded of a good fails when the price of the good rises, other things equal  Demand Schedule: a table that shows the relationship between the price of a good and the quantity demanded. Market Demand versus Individual demand:  The quantity demanded in the market is the sum of the quantities demanded by all buyers at each price. The Demand Curve Shifters:  The demand curve shows how price affects quantity demanded, others things being equal  These “other things” are non-price determinants of demand (i.e. things that determine buyers’ demand for a good, other than the good’s price).  Changes in them shift the D curve 1) # of buyers 2) Income a. Demand for a normal good is positively related to income. i. An increase in income causes increase in quantity demanded at each price, shifting the D curve to the right. ii.(Demand for an inferior good is negatively related to income. An increase in income shifts D curves for inferior goods to the left.)


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