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Econ. 101 Week 3

by: Sydney

Econ. 101 Week 3 ECN 101


GPA 3.7

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These notes go over the end of chapter 2 and some of chapter 3. Breaks down GDP as well as a more in depth view of command vs market systems.
Principles of Economics
Riley R. Moore
Class Notes
Economics, Macroeconomics, Microeconomics
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This 2 page Class Notes was uploaded by Sydney on Sunday September 18, 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 7 views. For similar materials see Principles of Economics in Economics at Saint Martin's University.


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Date Created: 09/18/16
Week 3 9/12   Macroeconomic goals  ­growth  ­jobs/employment  ­Stable prices  The way that how a country is doing economically before 1980 was to look how the country was  doing itself. Now look at the economy and how it relates to the rest of the world.  GDP​   = C + I + G + X  C­Consumption (household, private sector)  (Current) GNP​ (Previous) I­Investment (Businesses)    G­Government (public sector)  X­Net exports (exports­imports=net)  To measure economies, have to include everything­ How would you compare across countries?  1931­During great depression, US had negative growth, operating inefficiently   New way to measure Price x Quantity= Value.   ↳ Can compare without physical items  ­Equation is susceptible to inflation because if price goes up quickly will look like positive  sales, even if less people are buying.   Karl Marx­ ​ Opposite ideas of Adam Smith  1864­ Used Darwin's idea to say Economies can evolve. Capitalism was an old and  broken system. Socialism was the final form.   In US late 1800’s so much prosperity Socialism ideas did not catch on. No need for central  “gov’t to control economy.   1913­ Creation of     IRS  & FED → Bank revised (way to borrow money)   (Ways for Gov’t        ↳Internal revenue (Taxes)  To make money)  Depression  ­Private sector imploded.   Banks collapsed → no loans → Businesses laid people off→ People didn’t spend money   ­​Marx​ gained footing because empowered the unemployed. Desired gov’t to take care of them  John Maynard Keynes­ ​1936 saved market gov’t from being thrown out.  ­Thought the way to pull US from depression was to have huge explosion in  private sector, make gov’t part of the equation and employ people (public works)  to get  economy going again.    “You are only unemployed if actively seeking work”    Extreme  Middle ground  Extreme  Karl Marx  John Maynard Keynes  Adam Smith  Gov’t should own private  Gov’t should step in during  Laissez Faire barely any  sector, everyone is seen as  economic depressions to  gov’t involvement, only act as  equal  revive private sector  referee.    Depression­ ​No real definition. Prolonged recession  Recession ­ ​2 quarters of downward GDP. Does not take in account employment rate  “Technology has put downward pressure on labor”     ↱ ​Cyclical­ When economy goes down, good employees get laid off  ↗​Seasonal­Occupations might only employ part of the year f ​ ishing, farming  Unemployment ​ →​ Fictional­ People in between jobs, never 0% unemployment  ↳​Structural­ Something occurs usually Gov’t policy that puts people out of   Work. ​animal endangerment act put loggers out of a job.      Businesses structures­Different legal systems  ­sole proprietorship­ easiest way to “own businesses”   ­measure what is going on and proxy for what's going on in economy.   Biggest force for bankruptcy­Medical bills  Trying to change GDP to take out “bad things” that make money.  ­cancer natural disasters. Add in good things, but who gets to decided?  GDP is gross, might go up but maybe not for a good reason  Small business­Under 500 people  ↳ make up 80% of businesses.   ­when looking at employment statistics­are they full time? seasonal?  City governments Will move mountains trying to accommodate large private businesses  because they bring in jobs. Rules made for large businesses.      


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