Popular in Principles of Economics: Microeconomics
Popular in Economcs
This 1 page Class Notes was uploaded by Jessica Notetaker on Monday August 24, 2015. The Class Notes belongs to ECON 1123 at University of Oklahoma taught by William Clark in Fall 2015. Since its upload, it has received 294 views. For similar materials see Principles of Economics: Microeconomics in Economcs at University of Oklahoma.
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Date Created: 08/24/15
1 What is the difference between Micro and Macro Microstudy of individual households and rms Macrostudy of economic totals such as total unemployment overall in ation total production 2 The Basic Economic problem 1 Economic resources are limited or scares 2 Desires for goods and services are unlimited 1 Labor human efforts to produce goods and services 2 Capitol goods used to produce other goods person made aids to production plant equipment machinery tools of all sorts etc 3 Land all natural resources 4 Entrepreneurship the resource that combines the other resources 1 Have an Idea Good ideaBad idea Bad ideas led to losses 2 Motivated by self interest as manifested by the pursuit of pro t 3 Risk bearers People must make choices 3 Three basic questions 1 What to produce 2 How to produce it 3 Who gets the production Answering the questions 1 Command and control economic systems centrally planned questions are answered by some central authority ex Emperor dictator political bureau king 2 Price system questions are answered by prices Decentralization decision making resources are privatelv owned and decisions about what to buy made by individuals Market economics Mixed economy china Micro economics price theory 4 The way we approach things in economics systematic decisions 5 Economics as a science 6 Positive vs Normative economics
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