Lecture1 - Principles of Macroeconomics Introduction Ariel Singerman Ariel Singerman Principles of Macroeconomics 1 7 Introduction Introductory

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Unformatted text preview: Principles of Macroeconomics Introduction Ariel Singerman January 14, 2008 Ariel Singerman () Principles of Macroeconomics January 14, 2008 1 / 7 Introduction Introductory Questions Basic questions: What is Economics? How do we study Economics? What is the difference between Microeconomics and Macroeconomics? Ariel Singerman () Principles of Macroeconomics January 14, 2008 2 / 7 Introduction What is Economics? Definition Economics is the study of the choices made by individual agents and societies regarding the alternative uses of scarce resources that are employed to satisfy needs. Scarcity is understood as a situation in which the amount of something available is insufficient to satisfy the desire for it. In general, scarcity is either of time or money. So, scarcity forces us to make choices because we must allocate limited resources to satisfy unlimited needs. Ariel Singerman () Principles of Macroeconomics January 14, 2008 3 / 7 Introduction How do we study Economics?...
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This note was uploaded on 03/27/2008 for the course ECON 102 taught by Professor Singerman during the Spring '08 term at Iowa State.

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Lecture1 - Principles of Macroeconomics Introduction Ariel Singerman Ariel Singerman Principles of Macroeconomics 1 7 Introduction Introductory

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