Chap 1 lect notes

Chap 1 lect notes - ECON 0100 Place: G23 PH Days: MW Time:...

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1 ECON 0100 ± Place : G23 PH ± Days : MW ± Time : 3:00–4:15 PM ± TA : Kristin Harnett ± Recitation : none ± Professor : Frank Giarratani ± Office : 4926 WWPH ± Office hours : MW 1:00–2:30 PM or by appointment Course web page : http://blackboard7.cssd.pitt.edu/ Ten principles of economics Chapter 1 Scarcity . . . ± . . . means that society has less to offer than people wish to have. ² Managing society’s resources is important because resources are scarce. ² Economics is the study of how society manages its scarce resources. Economic systems ± Accomplish two fundamental things: ² Production. ² Distribution. ± In the process, economic systems help to determine the well-being of people. Economic systems ± Some systems try to organize or determine production and distribution using “central” authority. ± Market economies tend to limit the role of central authority, and depend on individual households and firms to make the necessary decisions. Some fundamental economic
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Chap 1 lect notes - ECON 0100 Place: G23 PH Days: MW Time:...

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