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Economics 200: Week 1 Notes

by: Kiera Mossburger

Economics 200: Week 1 Notes ECON 200-002

Kiera Mossburger
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About this Document

These notes cover: what economics is, scarcity view, and the uses of economics. Vocabulary words are highlighted.
Principle Macroeconomics
Paul George Burkett
Class Notes




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This 2 page Class Notes was uploaded by Kiera Mossburger on Sunday August 28, 2016. The Class Notes belongs to ECON 200-002 at Indiana State University taught by Paul George Burkett in Fall 2016. Since its upload, it has received 35 views. For similar materials see Principle Macroeconomics in Macro Economics at Indiana State University.

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Date Created: 08/28/16
Macroeconomics (Econ 200; Week 1) What is Economics?  Economics­ the study of the production and distribution of wealth o Wealth­ anything that improves/ maintains living and working conditions  WEALTH IS MATERIAL  Ex: health, clean air and water, food, secure well being  Money does not mean wealth o Distribution­ who gets what o Production­ using resources to create wealth o Resources­ wealth that is productive   Land (natural resources)   Labor (physical/intellectual)  Capitol (physical inputs other than land or labor; machines,  tools, buildings, inventory)  Microeconomics­ the individual parts of economics o Markets o Businesses  Macroeconomics­ the whole system of economics o Everything is based upon general levels o Aggregative approach­ adding all the small parts of economics into larger  units o Index Problems­ adding up parts when the composition changes  ECONOMICS IS BROADER THAN BUSINESS Scarcity View  The wants of consumers are infinite while the resources are limited, causing  tension  Choices must be made in a system o What should be produced? o How should it be produced? o Who should it be produced for? (Distribution among the people)  Scarcity in distribution creates conflicts  Waste is significant  Ex: unemployment­ those who want to work, but cannot  find work   Opportunity Cost­ the loss of potential gain from choosing one alternative from  another in a situation in scarcity o Ex: The opportunity cost of going to college would be the wages that  could have been made if one were to work instead of going to school o Ex: The opportunity cost of producing more weapons in a society would  be the goods that could have been produced instead  Needs vs. Wants o The economy/ businesses make people want more material wealth  This creates scarcity  They are the problem and the solution The Uses of Economics  To become an economist o Academic­ teach at a college, preform research (PhD) o Nonacademic­ still a professional in business and government (Masters)  To train for other professions o Mainly in the business careers  In order to make personal, economic decisions o Deciding on a job o Determining interest rates  In order to participate in political choices and activities  To understand the world in which we live in o HIS PERSONAL FAVORITE


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