ECON 2105 - ECON 2105 Tues Jan 8 2007 Website...

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ECON 2105: Tues. Jan 8, 2007 Website: http://rudbeck.myweb.uga.edu Do homework because they are MODEL PROBLEMS. Draw graphs when doing homework and make sure you know how to answer the questions. Tests are applications. How to use the model…not who invented the model… Chapter 1: Economy - one who manages a household Economics - study of how society allocates scarce resources Scarcity - (1) limited resources (2) unlimited wants and needs {For example: Mona Lisa=scare, air=scare, broken glass in NYC= not scare} Ten Principles of Macroeconomics (know principles, don’t need to know order) 1. People face Tradeoffs : there is no such thing as a “free” lunch -“Free T-shirt” -Checking Accounts “fee checking” -Tax Labor (Income) poorer families equity, hrs people work Efficiency - (1) society gets the most out of its resources (2) resources go to their highest value to use at lowest cost Equity - fairness (equal distribution) 2. The cost of something is what you give up to get it : college-tuition, books, foregone wage, food, housing
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