Economics Chapter 1
Economics Chapter 1 Eco 280
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This 1 page Class Notes was uploaded by Haley Morse on Wednesday September 7, 2016. The Class Notes belongs to Eco 280 at Northern Arizona University taught by Andrew Parkes in Fall 2016. Since its upload, it has received 25 views. For similar materials see Introduction to Economics in Economics at Northern Arizona University.
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Date Created: 09/07/16
Economics Chapter 1 Economics: The study of how society chooses to allocate scarce resources in order to satisfy unlimited wants Scarce: Anything with a price greater than $0 (AKA not free) How do we allocate resources? How do we get things? Stand in line First come first served Price system Bidding highest price gets the good Barter Trade what you have with someone else for what they have. Government helps give to those in need-not necessarily to the poor Resources: 1. Landincludes natural resourcesgets paid by Rent 2. Laborpaid in wages 3. Capital BondsGets paid in interest earnedTypically double tax exempt 4. Entrepreneurs Earn the Profit and keep it CPI: Percent change from one year ago All items Ideally: Price stability is within 2% Full Employment is between 5% and 5.2% unemployed Economic Growth is within 0.8% and 1.2%
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