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ECON1202-Week 1 notes

by: Monica Baxter

ECON1202-Week 1 notes Econ 1202

Marketplace > University of Connecticut > Econ 1202 > ECON1202 Week 1 notes
Monica Baxter

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About this Document

These notes cover Chapter 1
Principles of Macroeconomics
Owen Svalestad
Class Notes
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This 2 page Class Notes was uploaded by Monica Baxter on Tuesday September 6, 2016. The Class Notes belongs to Econ 1202 at University of Connecticut taught by Owen Svalestad in Fall 2016. Since its upload, it has received 2 views.


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Date Created: 09/06/16
9/1/16 1.2 Scarcity: limited economic resources to satisfy our desires Trade off: the idea that, bc of scarcity, producing more of one good or service means producing  less of another  SO individuals, firms, and governments must decide (trade off) which goods and services that  should be produced Everyone has scarcity (just some at higher levels like Bill Gates) Opportunity cost: the highest valued alternative given up in order to engage in some activity  Ex: the cost of going to class when you can be napping Or the opposite the cost of taking a nap instead of going to class when you could have gotten 15  points extra credit (the extra credit would be the opportunity cost) Who receives goods and services produced? The ppl w/ more money get the goods Centrally planned economy: one that the government decides the what, how, and who of how  economic resources will be allocated (gov decides everything) Market economy: one that has voluntary exchange and competition for allocating economic  resources Mixed economy: gov does some stuff and so do buyers Efficiency of Economies Market economies promote: Productive efficiency: goods/ services produced at lowest cost bc of competition Allocative efficiency: voluntary exchange (we don't have to buy or sell something) Caveats about market economies (negatives)  Ppl might not be most efficient  Gov might interfere w/ market outcomes  Market outcomes might ignore desires of ppl (ex pollution) Equity vs Efficiency in Market Economies Equity: fair distribution of economics benefits (imp. Tradeoff for gov is b/w efficiency and equity) Economic models: set up experiment of what might happen if you do something (ex: raise price of starbs coffee to $4 and see what happens) Imp. economic models Economic variables: something measurable that can have diff. Values, such as incomes of  doctors Positive analysis: concerned w/ what is (economists mostly perform this one) Normative analysis: analysis concerned w/ what ought to be (want the same end result, but disagreement of how to get there) *no such thing as free  (someone is always paying for it) Microeconomics: the study of   How households and firms make choices  How they interact in markets  How the gov attempts to influence their choices Macroeconomics: study of economy as a whole, including topics like inflation, unemployment,  and economic growth *the dollar is only worth something bc the gov said it is (dollar is fiat money by gov decree) Most graphs measure 2 things Graphs always a pic of a relationship


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