ECON20023 T1 2008 Lecture 1

ECON20023 T1 2008 Lecture 1 - ECON20023 ECONOMICS FOR...

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Based on slides from Layton et al ( 1 ECON20023 ECONOMICS FOR BUSINESS T1 2008 LECTURE 1 Galina Ivanova, CQU
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Based on slides from Layton et al ( 2 Overview of course Purpose is to give students a broad understanding of economics Text is by Layton, Robinson and Tucker (2005) Cover 1-2 chapters of the text each week Chapters this week are 1 and 2 There are exercises at end of each chapter There are internet links and online exercises in each chapter Check blackboard for tests (not included in your final grade) The course has a major assignment and an end-of-semester exam Details of the exam will be provided soon
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Based on slides from Layton et al ( 3 How to study this course Following alone in class and learning are two different things Economics must be studied actively, not passively What does active studying mean? Closing the book periodically and reproducing what you have learned Reading with a pencil in your hand and a blank sheet of paper in front of you Listing the steps in each logical argument Retracing the cause-and-effect steps in each model Drawing the graphs that represent the model
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Based on slides from Layton et al ( 4 Key concepts for this week Scarcity Three categories of resources Macroeconomics and microeconomics Assumptions Positive and normative economics Opportunity cost Marginal analysis Production possibilities frontier opportunity cost economic growth Opportunity cost and the gains from specialisation and trade
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Based on slides from Layton et al ( 5 The problem of scarcity   Scarcity is the condition in which wants are forever greater than the available supply of time, goods and resources. Scarcity forces us to make choices - individuals, groups, governments and societies never have as much of all the goods and services as they would like to have. The problem of scarcity can also be called ‘the economic problem’ - how to achieve the most wants given the resources at our disposal.
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Based on slides from Layton et al ( 6 Resources Resources are the basic categories of inputs used to produce goods and services. Resources can also be called the factors of production. Three categories of resources: Land Labour Capital
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Based on slides from Layton et al ( 7 Resources: land Any natural resource provided by nature used in the process of production For example: forests, minerals, wildlife, oil, rivers, lakes, oceans May be renewable or non-renewable
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Based on slides from Layton et al ( 8 Resources: labour The mental and physical capacity of workers to produce goods and services For example: farmers, nurses, lawyers
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This note was uploaded on 09/06/2009 for the course 1223 econ taught by Professor Galinaivaniva during the Spring '08 term at University of Central Arkansas.

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ECON20023 T1 2008 Lecture 1 - ECON20023 ECONOMICS FOR...

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