×

Let's log you in.

or

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

×

Create a StudySoup account

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

or

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

Already have a StudySoup account? Login here

First Week of Notes

by: Morgan Genelin

205

22

3

First Week of Notes ECON2020

Marketplace > University of Colorado > Economcs > ECON2020 > First Week of Notes
Morgan Genelin
CU
GPA 3.97

Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Principles of Macroeconomics

(Limited time offer)

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Principles of Macroeconomics notes

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

About this Document

The first tueday was a syllabus day, so this is the first real day of learning.
COURSE
Principles of Macroeconomics
PROF.
Murat Iyugan
TYPE
Class Notes
PAGES
3
WORDS
KARMA
Free

Popular in Economcs

This 3 page Class Notes was uploaded by Morgan Genelin on Sunday February 14, 2016. The Class Notes belongs to ECON2020 at University of Colorado taught by Murat Iyugan in Winter 2016. Since its upload, it has received 205 views. For similar materials see Principles of Macroeconomics in Economcs at University of Colorado.

×

Reviews for First Week of Notes

×

×

What is Karma?

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

Date Created: 02/14/16
January 14, 2016 Chapter 1 4 Principles for Understanding individual choice 1. Resources are scarce a. Causes people to make choices b. Always prevalent and important c. Resources and time 2. Opportunity Cost nd a. Cost of what you must give up (2  option) b. Not just monetary 3. Marginal Analysis  looking at extra a. When optimally choosing things i. Take the least common denominator, think of the benefit and cost of dollar or cost b. Go until marginal cost = marginal benefits 4. Rationality “somewhat” a. Individuals think and behave in a calculated way or rational way i. Act driven by self interest b. Behavior economics 5 Principles for understanding how choices interact 1. Gains from trade (chapter 2­5) a. Makes everybody better off b. Specialization i. Creates comparative advantage, then trade can occur 2. Markets tend towards equilibrium a. All will fall to MC=MB b. Equalize D&S 3. Efficient use of Resources a. Production possibilities frontier 4. Markets generally produce efficiency a. Try to get to equilibrium generally efficient b. Produce correct number needed for number of people 5. When markets fail, government can fix it a. Monopolies, trusts, collusion, etc. 3 Principles of the macro economy 1. Someone’s income equals someone else’s spending a. Link  everything adds up 2. Sometimes they don’t equal  a. Business cycle i. Recessions, booms, etc. 3. When that happens the governments can fix Positive Analysis saying what is happening Normative analysis saying what ought to happen Chapter 2 Production Possibility Frontier: shows value contractions, benefits of trade, marginality 1. Feasibility and Efficiency a. Is it realistic or not? Is it do­able or not? b. Work inside the frontier or on the line i. Outside the frontier is unfeasible 2. The Opportunity cost= slope a. For each gain in 1 product, there is a loss in the other b. Go until equilibrium 3. Increasing opportunity cost a. As you increase 1more and more ahead, you lose more and more i. It isn’t a diagonal slope 1. Actually bowed as opportunity cost goes up 4. Economic growth a. Results as an outward expansion i. Shit in curve to increase PPF Gains from trade in general all is good o Absolute advantage: one is better in absolute terms.  o Comparative advantage: opportunity cost is lower for one than another o Slope of PPF is opportunity cost  Xgood= rise/run (slope) y/x  Ygood= inverse slope x/y o Distribution is larger  Therefore even if people lose there is more gain than loss  As long as slopes of OC are different there will always be gains

×

×

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

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."

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the material...plus I made \$280 on my first study guide!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

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

STUDYSOUP CANCELLATION 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 support@studysoup.com

STUDYSOUP REFUND POLICY

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: support@studysoup.com

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 support@studysoup.com

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.