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Chapter 1 (Introduction)

by: Casey Notetaker

Chapter 1 (Introduction) ECON 2105

Marketplace > Georgia Southern University > ECON 2105 > Chapter 1 Introduction
Casey Notetaker
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About this Document

These notes cover material from chapter one and provide information that may be seen on quizzes that are highlighted and in red colored font.
Economics in a Global Society
Bill Yang
Class Notes
Microeconomics, Macroeconomics, Opportunity Cost, scarcity




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This 2 page Class Notes was uploaded by Casey Notetaker on Monday August 22, 2016. The Class Notes belongs to ECON 2105 at Georgia Southern University taught by Bill Yang in Summer 2016. Since its upload, it has received 58 views.


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Date Created: 08/22/16
Chapter One Main topics -The 3 Ws -Macroeconomics -Productive Efficiency -Scarcity -Positive Analysis -Allocative Efficiency -Types of Economies -Normative Analysis -Microeconomics -Opportunity cost What is economics? 1. It’s the study of scarcity, the study of how people use resources, or the study of decision-making 2. The 3 Ws -What to produce? -What resources to use? -Who works? 3. Scarcity is described as unlimited wants that exceed limited available resources; human wants are greater than what available resources can produce -It is the main study of economics because every choice involves an opportunity cost -Individuals have to make choices to achieve goals. It’s a fact that can’t be avoided that economists call Scarcity 4. Opportunity Cost is an important second option or alternative that has to be given up to be involved in a specific scenario The types of economies 1. Centrally-planned economies: The government has the control to decide the 3 Ws 2. Market economies: The people/individuals decide the 3 Ws Using Economic Models 1. Economists use economic models to evaluate real scenarios by: -make an assumption/observation -from that observation, create hypothesis -test the hypothesis -create changes if needed 2. Economists believe in 3 concepts: -People are rational (though the right decision may not always be made) -People weigh the benefits and costs (the incentive response) -Marginal cost and benefit are compared (also known as the Marginal Analysis) Micro and Macroeconomics 1. The basic difference: -Microeconomics looks at individual markets (also how individual households come to decisions) -Macroeconomics looks at the whole/entire economy (basically how quickly is the economy growing) 2. Analyzing -Positive: “what is” or “what if” (most of the time this is what economic uses) -Normative: “what ought to be” Types of Efficiency 1. Productive efficiency involves the production of a good or service at its cheapest amount 2. Allocative Efficiency is exactly how the consumer wants the production to play out


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