chapter 1 - ECON 002 Introduction to Macroeconomics ECON...

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1 ECON 002 Introduction to Macroeconomics ECON 002 Introduction to Macroeconomics ECON 002 Introduction to Macroeconomics Lecture Outline • Course outline • Chapter 1 (Briefly) Scarcity refers to the limited nature of society’s resources. (Land, Labor, Capital Entrepreneurship) Economics is the study of how society manages its scarce resources, including ECON 002 Introduction to Macroeconomics Vocabulary • Efficiency •Equ i ty • Opportunity cost -cost of what is given up to obtain it. • Rational people • Marginal changes
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2 ECON 002 Introduction to Macroeconomics Vocabulary • Incentive • Trade • Market economy ECON 002 Introduction to Macroeconomics •A market is a group of buyers and sellers. (They need not be in a single location.) • “Organize economic activity” means determining –what goods to produce –how to produce them –how much of each to produce –who gets them ECON 002 Introduction to
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chapter 1 - ECON 002 Introduction to Macroeconomics ECON...

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