New User Special Price Expires in

Let's log you in.

Sign in with Facebook


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


Create a StudySoup account

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

Sign up with Facebook


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

Already have a StudySoup account? Login here

Economics 101 Week 1: chpt. 1 in class notes

by: Sydney

Economics 101 Week 1: chpt. 1 in class notes ECN 101

Marketplace > Saint Martin's University > Economics > ECN 101 > Economics 101 Week 1 chpt 1 in class notes

GPA 3.7
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

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

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Principles of Economics notes

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

Unlock FREE notes

About this Document

These notes cover the slides we have gone over in class 8/31-9/2. They are color-coded to differentiate terms (in red) general information from the slide (black) and everything not on the slide b...
Principles of Economics
Riley R. Moore
Class Notes
Microeconomics, Macroeconomics




Popular in Principles of Economics

Popular in Economics

This 2 page Class Notes was uploaded by Sydney on Friday September 2, 2016. The Class Notes belongs to ECN 101 at Saint Martin's University taught by Riley R. Moore in Fall 2016. Since its upload, it has received 27 views. For similar materials see Principles of Economics in Economics at Saint Martin's University.


Reviews for Economics 101 Week 1: chpt. 1 in class notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

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

Date Created: 09/02/16
Chpt. 1 in class notes  Challenge of Economics 8/31/2016    Scarcity​­ Lack of available resources. The main cause of economics.   Economics​­ study of how to best allocate scarce resources.   “Study of scarcity”  Opportunity Cost​­ Most desired goods and services are forgone to obtain something.   “Not always monetary. When you make a choice there is a cost. Economists try to  quantify everything so it’s easier to compare”  “Easiest ways to earn wealth­ Inheritance, Marry into it, last resort earn it.”  Rational Action​­Weigh benefits against the opportunity costs.  ↳decide whether or not to make the choice.  Factors of production­ Land, labor, capital, entrepreneurship  ↳Inputs used to produce goods        ↳Not always monetary, Real capital­What is used         /services to provide service or produce product.   “No market if not entrepreneurship  ↳Risk takers in society”  Difference between Innovation and Entrepreneurship:  Innovation​­New idea, but not always marketable ­Ideas from Engineers usually.  Entrepreneurship​­Sees market potential in ideas. ­usually business.      Basic Questions:  ­What to produce  ­How to produce­For whom to produce  “­(politicians are the ones who ask “why”)→Usually require cost­benefit analysis.”    9/2/2016    What to produce  ­not enough resources to make all the goods/services desired by society.  ­Have to decide what is wanted/needed most.  ­Have to sacrifice less­desired activities/goods.    Production possibilities curve­ non­linear to show inefficiency.   Production possibilities­ increase with more resources and better  technology.­chapter­1­2­pra tice­questions/   How   Goal for every society is to find an optimal method of producing goods and services.   “90’s was a game changer for technology. Economists thought that the prosperity would  cause inflation.   ­Price­wage cycle­ Healthy growing economies always has some inflation caused by no  unemployment makes employers need to offer more money to make jobs desirable.   90’s did not crash because there was more output for every input because technology  made everyone more efficient, companies did not have to hire more people.”     Whom  How economies output is distributed across members of society. Usually decided by  government.   ­Distribution is based on productive contributions, need or combination of both.        ↳Being able to distribute based on  ­  need show how strong an economy is.   “Government tries to forecast, the closer the timeline is, the more accurate it will be.  Further out is more uncertainty.   Economic Output​­ Measured in gross product. In the U.S 70% is consumption.   To be leader in global market, need to export not just consume. U.S is not labor driven.   Non­price factors​­ Way for businesses to be unique. Create niche or “monopoly” creates  less competition.   Consumers want competition because it drives down prices more quantity and better  quality.   Economics is trying to find causation rather than correlation.”     


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

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."

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

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."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund 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


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:

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

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.