Principles of Macroeconomics Part 3.docx - Cornell...

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Cornell Notes Topic/Objective: Principles of Macroeconomics Name: Muhammad Owais ECON-2301 Class/Period: 83003 Part 3 Date: February 10, 2019 Essential Question: What are the principles of macroeconomics? Questions: Notes: What is rational action? Rational Action Economists assume everybody follows rational thinking before making an economic decision Self-interest (for the betterment of the individual) What is an economic Economic Systems system? Methods society uses to produce and distribute goods and services Questions: What food and services should be produced? How should these good and services be produced? What consumes these goods and services? *** If any answer is the government a command, centrally planned economy What is a centrally Centrally Planned Economy planned economy? Government owns all the resources (originates form Karl Marx) What is a free market Free Market or Capitalist economies or capitalist economy?
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