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ECON 2105 Week 1 Notes

by: Haylee Walker

ECON 2105 Week 1 Notes Econ 2105

Haylee Walker

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These are class notes from Week 1.
Economics in a Global Society
Class Notes
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This 2 page Class Notes was uploaded by Haylee Walker on Sunday September 11, 2016. The Class Notes belongs to Econ 2105 at Georgia Southern University taught by Barilla in Fall 2016. Since its upload, it has received 3 views. For similar materials see Economics in a Global Society in Economics at Georgia Southern University.

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Date Created: 09/11/16
Economics (8-16-16)  Economics is the study of scarcity  To consume = to purchase  Job = labor force o When you have a job, you use a resource called labor o Employees pay you to use that resource  Source of income: what people pay to use or have your resources  Land, labor, and capital are the three resources o Also known as the means of production  With income, you make consumption purchases  Land: topsoil; any extract (oil, cotton, corn, etc.)  Labor: human means of production  Capital: non-human means of production o Students go to school to receive training so that their labor skills are set apart from others o People are willing to pay (more) for things with (more) value/worth o People study scarcity because people have to make choices Economics (8-18-16)  We study scarcity because scarcity makes us make choices about our consumption (purchases)  Our purchases depend on our resources (land, labor, and capital)  Land, labor, and capital are also the means of production  The more valuable the resources, the more people are willing to pay for them  Rational Behavior: when you work towards achieving a goal you have set o When you purchase a product, you are seeking satisfaction o As a consumer, you are seeking utility  Utility: satisfaction per dollar spent o When setting goals, make them reasonable and reachable o The goal of a rational consumer is to maximize utility o Utility varies person to person based on interests and preferences o Producers are the manufacturing parts in an economy  Manufacture valuable products to ensure consumers will buy them o The goal of a rational producer is to maximize profit  Profit: monies left over after all costs or bills have been paid o Consumers, producer, and the government are the players in an economy o Government protects consumers from producers, and producers from other producers, and promotes the general welfare o It is the interaction of the three payers that make up an economy  Public sector: the government  Private sector: producers and consumers o When defining an economy, look at the ownership of resources  With ownership comes control which comes with decision making  Capitalism: private sector ownership of resources  Socialism: public sector ownership of resources  Communism: when the public sector and private sector are one in the same o Self governed  The US has a mixed economy because there is both public and private sector ownership o More capitalism than socialism  Cost Benefit Analysis o Accounting Cost: the cost you see in a statement (a bill, receipt, etc.) o Opportunity Cost: the next best use of your resource  ex: if you give up a full time job to be a full time student, the income that you give up goes into the opportunity costs o If the benefit is greater than the cost, do it o If the cost is greater than the benefit, don’t do it


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