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

Econ. Week 2

by: Sydney

Econ. Week 2 ECN 101


GPA 3.7

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Continuation of week 2 Answers basic questions of how and for whom. -Production cycle graphic -differences between command and market based system -US historic economy and an intro to Adam Smith
Principles of Economics
Riley R. Moore
Class Notes
25 ?




Popular in Principles of Economics

Popular in Economics

This 2 page Class Notes was uploaded by Sydney on Thursday September 15, 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 4 views. For similar materials see Principles of Economics in Economics at Saint Martin's University.


Reviews for Econ. Week 2


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: 09/15/16
Chpt 1 continued  Government­ Try to make forecasts. More accurate the closer it is.   Further out time line=more uncertainty  Economic Output­Gross product 70% consumption­U.S  To be leader in global market, need to export not just consume.  U.S is not labor driven  Non­price factors­Way to be unique. Create niche or “monopoly”­less competition  ↳Consumers want competition because it drives down prices, more quantity and quality.   Government grants patents­ for innovation.  How Goal for every society  ­Find optimal method of producing goods and services.   ­ “90’s was a game changer for technology. Economists thought ther would be an inflation burst.  Technology made everyone more efficient. More output for every input.    ­Inflation is normal in healthy growing economies because if not unemployment need to pay  more to be competitive. ​Price­wage cycle.”  Whom   ­How economies output is distributed across members of society. Usually politically  ­Distribution based on productive contributions, need or a combination of both        ​↳Being able to distribute shows how strong  economy GDP is.     Production cycle:  ­Adds more benefits but exploitation of labor. Usually labor/capital        Chpt 1 cont.   Command based system­​ One person makes decisions  Pros: less discussion means things happen quicker   Con: chronic shortages or surplus because it is hard to calculate what everyone needs when  they can't say what they need  Market based system­ ​More economic, less political science. “New idea” to have people apart of  the equation. Works if people are rational­more money over less money etc   Pros: Empowers individuals to have jobs they will be efficient and have a reason to go. When  people can choose what they need for themselves less chance of shortage/surplus.  Cons: Process is slower ​China (command based) took lead out of gas in 1 year. USA (market  based) took 20 years  Selfishness­ ​ Allow people to pursue own interests  Adam Smith­​Gov’t required to provide basic education  ↳if illiterate, can’t engage in market, is a handicap for participating in market  Laissez faire­​ Free market, let people do their own thing Gov’t acts as referee  ­Failed to see extremities when too much or little is produced.   ­Failed to see monopolies  The US changed from command based to market based in 1800’s    ­public sector can drive private sector though agenda.    Fairness  vs.  Efficiency  ↳Socialism ↳Capitalism ← With good data can we have both?    Debt time lines  Bill < 1 year Note 1­2 years Bond 10+ years  Revolutionary technology­Cell phone. Able to tap into good ideas by empowering with education  ↳Need financing  Hyperinflation leads to political change ​ fter WWI germany was forced to pay for damage→  hyperinflation because they printed money to pay back  ­We accept money because we assume faith in the issuer. → The paper is worth nothing  Resources are the main motivator for war  Intrnational trade­ Major part in modern economics.  ­Japan/U.K have to be aggressive to secure resources because they are on an island  Input→ Value added→ outputs  ­Want more output for input  Need to figure out how to operate  ­Monetary concept to produce enough without wearing out machines/people   


Buy Material

Are you sure you want to buy this material for

25 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

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Allison Fischer University of Alabama

"I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over $600 per month. I LOVE StudySoup!"

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.