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Chapter 1 Lecture Notes- Microecon

by: Taylor Benavides

Chapter 1 Lecture Notes- Microecon ECON 201 Online, Stephen Haynes

Marketplace > University of Oregon > Economcs > ECON 201 Online, Stephen Haynes > Chapter 1 Lecture Notes Microecon
Taylor Benavides
GPA 3.0
Econ 201-Microeconomics
Stephen Haynes

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About this Document

Lecture notes for the first week of Microeconomics... basic concepts and key terms.
Econ 201-Microeconomics
Stephen Haynes
Class Notes
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This 2 page Class Notes was uploaded by Taylor Benavides on Wednesday April 8, 2015. The Class Notes belongs to ECON 201 Online, Stephen Haynes at University of Oregon taught by Stephen Haynes in Spring 2015. Since its upload, it has received 202 views. For similar materials see Econ 201-Microeconomics in Economcs at University of Oregon.

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Date Created: 04/08/15
Chapter 1 What is Economics 1 List 3 key econ questions 2 Discuss insights from econ for a real world problem 3 List the 4 elements of economic ways of thinking 4 List 3 ways to use macroeconomics 5 List 3 ways to use microeconomics study of choices where there is scarcity Resources that are used to produce goods are limited resources that are used to produce goods stock of equipment machines structures and infrastructures are used to produce goods and serVices Knowledge and skills acquired by a worker though education and experience and used to produce goods and serVices answers the questions what is or what will be answers the question what ought to be 1 What products do we produce 2 How do we produce them 3 Who consumes them simplifies representation of an economic enVironment often employs a graph 0 began in late 2007 and started innocently 0 booming market for homes fueled by easy credit 0 people could not afford homes they were purchasing trouble spread to banks result businesses couldn39t borrow money for everyday use and economic actiVity contracted measure that can take on different values Latin stands for variables held fixed small one unit change in value People act rationally therefore they act in their own self interest the study of the nations economy as a whole focuses on issues of in ation unemployment and economic growth 0 also explains why economies grow and change and why economic growth is sometimes interrupted 0 also explains why resources increase over time and also the consequences for our standard living 0 also explains that all economies are subject to economic uctuations including periods when the economy shrinks the study of choices made by households firms and government and how these choices affect markets for goods 0 Helps to better understand how markets work and predicts how various events affect prices and quantities of products 0 Helps determine how well the government performs its role in economy Formulas SLOPE riserun PERCENT CHANGE 100 x new valueinitial valueinitial value


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