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First 2 weeks notes

by: Logan Chapman

First 2 weeks notes ECON200

Logan Chapman
University of Findlay
GPA 3.81

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About this Document

Part of first exam
Principles of Macroeconomics
Dr. Alhaj-Yaseen
Class Notes
25 ?




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This 2 page Class Notes was uploaded by Logan Chapman on Wednesday September 28, 2016. The Class Notes belongs to ECON200 at University of Findlay taught by Dr. Alhaj-Yaseen in Fall 2016. Since its upload, it has received 5 views. For similar materials see Principles of Macroeconomics in Macro Economics at University of Findlay.

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Popular in Macro Economics


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Date Created: 09/28/16
Macroeconomics Chapter 1 Tuesday, August 30, 2016 8:06 PM • Economics ○ 800 years old, from "oikonomos" or "one who manages a household" ○ Allocate scarce resources (resources are scarce)! • Economics deals with ○ How people make decisions ○ How people interact ○ How the whole world works • How People Make Decisions 1. How people face trade -offs (no cost involved) i. Efficiency vs. Equality □ Efficiency means the more you work, the more you can make. Taxes regulate this. (capitalism) □ Equality means no matter how hard you work, everyone will be equally wealthy. (communism) 2. The cost of something is what you give up to get it (t-eff with cost) i. Opportunity cost □ what must be give up to obtain some item (for gone wages, experience) 3. Rational people think at the margin i. Rational People □ Do the best they can to achieve their objectives ii. Rational decision maker □ Make decisions by comparing marginal benefits and marginal costs □ Take action only if marginal benefit>marginal cost 4. People respond to incentives i. Incentive □ Something that induces a person to act ii. Higher price □ Buyers-consume less □ Producers-produce more • How People Interact 1. Trade can make everyone better off □ Producers-produce more • How People Interact 1. Trade can make everyone better off i. Trade □ Allows each person to specialize in the activities he or she does best □ Enjoy a greater variety of goods and services at low cost 2. Markets are usually a good way to organize economic activity (doesn't have to be physical market) i. Communist countries, central planning controlled by government. (waste) (central planned economies) ii. Inflation and deflation controlled by market ("invisible hand" iii. Market economy, allocation of resources (free market) □ Guided by prices and self interest iv. Adam Smith= Father of economics 3. Governments can sometimes improve outcomes i. We need government ii. Property rights □ When property rights are protected, markets are most likely going to fail • How the Whole Economy Works 1. Productivity i. how much goods and services an individual can produce in an economy ii. Large differences in living standards, overtime and among countries iii. Averages U.S income is $50,000 2. Prices rise when the government prints too much money i. Inflation □ An increase in the overall level of prices in the economy 3. Society faces a short-term trade-off between inflation and unemployment i. Stimulates spending; raises prices; hire workers; produce lower unemployment ECONOMICS-the study of how society manages it's scare resources


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