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EC202 Week 1 Notes

by: Kelsey Fagan

EC202 Week 1 Notes EC 202

Marketplace > University of Oregon > Economcs > EC 202 > EC202 Week 1 Notes
Kelsey Fagan
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About this Document

These are the notes from the first week of class.
Intro Econ Analy Macro
Chad Fulton
Class Notes




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This 3 page Class Notes was uploaded by Kelsey Fagan on Saturday April 2, 2016. The Class Notes belongs to EC 202 at University of Oregon taught by Chad Fulton in Spring 2016. Since its upload, it has received 125 views. For similar materials see Intro Econ Analy Macro in Economcs at University of Oregon.


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Date Created: 04/02/16
Day 1 (3/28):  Syllabus Overview  ● Textbook: Macroeconomics by Michael Parkin (10th, 11th, or 12th edition)  ● MyEconLab: for online homework  ○ Course ID: fulton47894  ○ Only have 2 attempts for each homework set­homeworks due on Fridays except  on quiz weeks where they will be due on Thursdays  ○ Can by either the $70 or $100+ option­ the $100+ gives you an electronic version  of the textbook  ○ **First homework is due on Monday (introduction to MyEconLab and how it  works)  ● 3 quizzes­ Prof. will drop the lowest grade: weeks 3,7, & 9  ● Midterm: Wednesday, April 27th (in­class)  ● Final: Wednesday, June 8th: 10:15am­12:15pm (there is ​no option to re­schedule the  final early)  Introduction  ● Macroeconomics:   ○ Economy as a whole  ○ Consider overall quantities  ○ Government policy as a tool to influence the state of the economy  ○ We will think of the overall quantities as having been formed by the interactions  of individual agents and firms  ○ All markets interact simultaneously  ● Why study it?  ○ Understand how  ■ To promote economic growth  ■ To prevent economic recessions  ○ Focus on the role of government policy:  ■ Should the government spend more or less?  ■ Should the government change interest rates?  ● 2007 Financial Crisis:  ○ Recession (bigger and longer impact than previous ones)  ○ Decline in output  ○ Rise in unemployment  ○ Large amount of government spending  ○ Interest rates fell substantially  Day 2 (3/30):  Supply, Demand, GDP  ● Demand  ○ Demand curve: relationship between the price of a good and the quantity  demanded of that good  ○ Law of Demand: price and quantity demanded and negatively related  ○ Types of demand:  ■ Individual: demand for a specific good an individual   ■ Market: demand for a specific good by​ll individuals  ■ Aggregate: total demand forall goods and servic in an economy  ● Supply  ○ Supply curve: relationship between the price of a good and the quantity supplied  of that good  ○ Law of Supply: price and quantity supplied and positively related  ○ Types of supply:  ■ Firm: supply of a specific good b​ firm  ■ Market: supply of a specific good ball firms  ■ Aggregate: total supply oall goods and servic produced within an  economy  ● Equilibrium  ○ Occurs when the price level is such that the quantity demanded is equal to the  quantity supplied (when the demand curve crosses the supply curve)  ● Monitoring Macroeconomic Performance:  ○ Look at allconsumers:  ■ Income  ■ Labor  ■ Purchases  ■ Saving  ○ Look at ​ll markets:  ■ How many goods are sold in general?  ■ What is the general “price level”?  ■ How many people are employed?  ● 3 Main Macro Variables:  ○ Output (GDP, industrial production, etc.)  ○ Prices (CPI, PCE, etc.)  ○ Employment (# of people employed, # of hours worked)  ● Growth Rates  ○ Percentage change in a variable  ○ Growth rate= ((value in later period­value in earlier period)/ value in earlier  period) * 100%  ○ Growth Rate of output: answers the question: How is production changing over  time?  ○ Growth Rate of prices: answers the question: How are prices changing over time?  (AKA inflation)  ● Gross Domestic Product (GDP):  ○ The market value of all final goods and services produced in a country in a given  time period  ○ AKA aggregate output, aggregate income  ○ Calculating GDP (expenditure approach): adding up all the things that are  purchased minus the imports that weren’t made in the country  (GDP=C+I+G+X­M)  ■ Things that are purchased:  ● C­consumption by households (buying goods)  ● I­investment by firms (factory upgrade)  ● G­government spending (public defense)  ● X­exports to other countries (making goods in the country and  selling them to another country)  ● M­imports from other countries (buying goods made in another  country)  ○ “All sales income has to end up in someone’s pocket  eventually”  ● Market value: goods outside of markets are not considered  ● Final goods and services: intermediate goods are not considered  ● In a country: goods produced elsewhere are not considered  ● In a given time period: for example, “in the last quarter”   ● Non­Market Activity:  ○ Illegal goods/services  ○ Housework & child raising  ○ Volunteering  ● Two types of goods:  ○ Intermediate good: a good used in the production of another good  ○ Final good: a good consumed by the consumer   


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