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Week One Lecture Notes

by: Maddie Evans

Week One Lecture Notes EC202

Marketplace > University of Oregon > Economcs > EC202 > Week One Lecture Notes
Maddie Evans
GPA 3.6
Dr. Urbancic

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Hey everyone! Here are my notes from the first week of Macroeconomics at UO! I typed the notes from lecture, as well as extra information that was discussed in class but not on the lecture notes/po...
Dr. Urbancic
Class Notes
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This 2 page Class Notes was uploaded by Maddie Evans on Saturday October 3, 2015. The Class Notes belongs to EC202 at University of Oregon taught by Dr. Urbancic in Summer 2015. Since its upload, it has received 45 views. For similar materials see Macroeconomics in Economcs at University of Oregon.


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Date Created: 10/03/15
Economics 202 Macroeconomics Week One Lecture Notes Economic Concepts to Study Scarcity and Choice Economics Study of how to use scarce resources that nature and the past has given us Microeconomics personal and individual households small businesses Macroeconomics Societal and national Positive Statement gt How the economy does work 0 Descriptive scienti c devoid of value judgments 0 Statement of fact 0 Can be true or false Normative Statement gt How the economy should work 0 Realm of values judgments public policy 0 Statements of opinion 0 No objective way to know if something is true or not Positive Economics gt Descriptive Economics 0 Data and statistics gt Economic Theory 0 Models making predictions gt Empirical Economics 0 Natural experiments looking at the real world 0 Experimental economics matching data with models Economic Models gt Economic Model formal statement of theory gt Expressed in words equations and graphs gt Describes the relationships between variables ie price changes gt Makes assumptions 0 Ceteris Paribus all else being equal gt An abstraction or simpli cation of reality 0 Google maps satellite vs hybrid views Four Economic Policy Criteria gt Efficiency 0 Are outputs produced at the least cost Are they sustainable gt Equity o Is the distribution of income andor wealth fair gt Growth 0 How fast will the economy grow gt Stability 0 Can economic uctuations be dampenedtamed Roots of Macroeconomics gt Great Depression period of severe economic contraction and high unemployment began in 1929 and lasted through the 1930 s gt Economists at the time were puzzled about the causes of the Depression and how to deal with it gt Modern economists argue to this day about the origins and persistence of the Great Depression Keynes gt 1936 Published quotGeneral Theory of Employment lnterest Moneyquot gt Believed governments could and should intervene in the economy and affect level of output and employment during a crisis gt During low private demand government can stimulate aggregate demand to lift the economy out of the recession Macroeconomics Concerns gt Output Growth o Is the number of goods and services produced by the economy increasing or is it possible to increase it faster gt Unemployment 0 Why are certain people able to nd jobs but not others Discrimination or simply tough luck gt In ation and De ation o Are prices changing in a certain trend overall Can they be controlled


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