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Eco 106 Chapter 1

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by: Kirstie Mekhail

Eco 106 Chapter 1 ECO 106

Marketplace > Pace University > Economcs > ECO 106 > Eco 106 Chapter 1
Kirstie Mekhail

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These notes are from the first week of classes, cover all of chapter 1
Principles of economics: microeconomics
Class Notes
Economics, Microeconomics, Macroeconomics, Chapter 1
25 ?




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This 2 page Class Notes was uploaded by Kirstie Mekhail on Tuesday February 2, 2016. The Class Notes belongs to ECO 106 at Pace University taught by Weinstock in Summer 2015. Since its upload, it has received 11 views. For similar materials see Principles of economics: microeconomics in Economcs at Pace University.


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So much better than office hours. Needed something I could understand, and I got it. Will be turning back to StudySoup in the future

-Kaley Von


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Date Created: 02/02/16
Chapter  1   Economics  is  the  science  of  choice,  exploring  the  choices  made  by  individuals  and   organizations   S carcity  –  The  resources  we  use  to  produce  goods  and  services  are  limited   Economics  –  the  study  of  choices  when  there  is  scarcity     Examples  of  scarcity  and  the  trade-­‐off  associated  with  making  choices   • You  have  a  limited  amount  of  time.  Each  hour  on  the  job  means  one   less  hour  for  study  or  play.   • A  city  has  a  limited  amount  of  land   • You  have  limited  income  this  year     Factors  of  Production  –  the  resources  used  to  produce  goods  and  services;  also   known  as  production  inputs,  or  resources.   Natural  Resources  –  resources  provided  by  nature  and  used  to  produce  goods   and  services   Labor  –  human  effort,  including  both  physical  goods  and  services   Physical  Capital  –  the  stock  of  equipment,  machines,  structures,  and   infrastructure  that  is  used  to  produce  goods  and  services     Human  Capital  –  the  knowledge  and  skills  acquired  by  a  worker  through   education  and  experience  and  used  to  produce  goods  and  services   Entrepreneurship  –  the  effort  used  to  coordinate  the  factors  of  production  to   produce  and  sell  goods     Positive  Analysis:  answers  the  question  “what  is?”  and  “what  will  be?”   Normative  Analysis:  answers  the  question  “what  ought  to  be?”     The  Three  Key  Economic  Questions:     1. What  to  products  do  we  produce?   2. How  do  we  produce  the  product?   3. Who  consumes  the  product?     Economic  Model   –  a  simplified  representation  of  an  economic  environment,   often  employing  a  graph     Economists  use  assumptions  to  make  things  simpler  and  focus  attention  on  what   really  matters     Isolate  Variable  –  Ceteris  Paribus     Economic  analysis  often  involves  variables  and  how  they  affect  one  another     Variable  –  a  measure  of  something  that  can  take  on  different  values   Marginal  Change  –  a  small,  one-­‐unit  change  in  value.  A  key  assumption  of  most   economic  analysis  is  that  people  act  rationally,  meaning  they  act  in  their  own  self  -­‐ interest.          


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