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Econ 2105

by: Shama Desai

Econ 2105 Econ 2105

Shama Desai


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About this Document

These notes cover what is economics
Principle of Macroeconomics
Grace Seunghae O,
Class Notes
25 ?




Popular in Principle of Macroeconomics

Popular in Macro Economics

This 2 page Class Notes was uploaded by Shama Desai on Tuesday September 27, 2016. The Class Notes belongs to Econ 2105 at Georgia State University taught by Grace Seunghae O, in Fall 2016. Since its upload, it has received 10 views. For similar materials see Principle of Macroeconomics in Macro Economics at Georgia State University.


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Date Created: 09/27/16
What is Economics? ●    Economics is the study of choice and how decisions are  made. ○   For Example: If you should buy a car or lease a  car ●    You can have what you want in life always because that’s not  how our regular life style works. Scarcity ●   Scarcity is a limited Resources ●   When there are limited resources it's believed that the demand of those thing would be more for people. ○  For example, the water we drink there is not  enough of water for everyone in the world. Microeconomics vs. Macroeconomics ●      Micro: is the study of individual things. ○ For Examples: Work Leisure, Cost analysis ●     Macro: is the general study of overall characteristics of an  economy ○  For examples: Unemployment, Inflation, Price  Level Five Foundation of Economics:  ● Incentives: is element that will motivate you to do things  ○ For Example: to study for an exam you have  tomorrow instead of spending the evening with your friends.  This is basically a thought that you will do well on exam if you  study rather than going out with your friends.  ● Trade­offs: are an important part of any kind of decision ○ For example: Work VS studying for exam  ● Opportunity Cost: is an alternative option in order to get  something that you want.  ○ For example: What is your opportunity cost of going  to class?  ● Marginal Thinking: it requires to evaluate which one is more  beneficial for them. It gives an opportunity to make a better decision.  ● Trade: is means you volunteer to exchange goods and services between two or three people.   


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