ECON Notes Week 1

ECON Notes Week 1 - ECON Notes Week 1 1/17/2008 3:24:00 PM...

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ECON Notes Week 1 17/01/2008 18:24:00 Economic Systems Free Market System-free from government control; no government  interference Command Economy-government decides gets what; they control everything Mixed Economy- part of economy goes through market; part doesn’t 3 Main Objectives of every economy full employment stable prices economic growth Factors of Production Land-Rent Labor-Wages Capital-Interest Entrepreneurial Ability- Profit Per Capita GDP= (GDP/Population) Productivity= (output/labor input) Limited Resources in a world with Unlimited wants Positive Statements- statements about what is; proved true Normative Statements- statements about what ought to be; opinions We have mixed economy today
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Three main macroeconomic economic variables
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Unemployment Inflation GDP
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ECON Notes Week 1 - ECON Notes Week 1 1/17/2008 3:24:00 PM...

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