Economics Sem1 - Microeconomics Karl Marx 1860 Das Kapital...

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Microeconomics Karl Marx 1860 Das Kapital Communism Keynes C+I+G= aggregate demand or total spending X-IM exports minus imports Ch1 Political economy- changed to just economics because became known as a science Tools: Introduced mathematics, statistics, graphs, econometrics model, Scarce resources p.4 (oil, banana, etc) unlimited wants Macroeconomics- study of the economy as a whole (entire country) Microeconomics- the study of one unit within the economy (Microsoft, market System, Competition, monopoly, oligopoly, monopolistic competition, p.7 positive and normative economics- positive: associated with data normative: no data, just general GDP/pop. = per capita Output= f(labor, capital, land, entrepreneur) Labor capital land and entrepreneur are inputs Opportunity cost: alternative choices Specialization What is invisible hand? P38-39 Flow of income Output= labor, capital, entrepreneur, Law of Demand- Quantity desired to be purchased per unit of time will be greater the lower the price
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( Cetris paribus
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