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Unformatted text preview: I. Definitions a. Microeconomics studies the allocation of scarce resources among alternative uses. i. Resources include time, money, labor force, energy, land, machinery and equipment, ect. b. Macroeconomics studies the determination of the level of economic activity and its consequences. i. Such as recession, unemployment, and growth I. Why do economists disagree often? a. Can't perform controlled laboratory experiments i. Eg. Tax cut ii. We CAN do computer simulations but the computer models differ. b. Economic data = statistical information about the economy. i. However, data may not be available, or may not be reliable. 1. Economists don't gather their data themselves, they rely on the government because they can't afford to. c. Political opinions differ. d. Value judgments differ. i. Eg. Whats worse, unemployment or inflation? e. Who pays them? i. Who do they work for?...
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This note was uploaded on 02/12/2009 for the course ECON 100 taught by Professor Hayworth during the Winter '08 term at Eastern Michigan University.
- Winter '08