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econmidterm1review

econmidterm1review - Chapter 1 What is Economics Economics...

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Chapter 1 What is Economics- Economics is the study of scarce resources. (oil, copper) *What is scarcity? What is Macro and Micro? Macro- study of the economy as a whole - rate of interest, banking, unemployment of all U.S. Micro- study of one unit in the economy - corporations, monopolies Positive and Normative economics? normative- opinion (the minimum wage should be increased so low-income workers can earn a living wage) positive- fact (The rate of inflation was about 2% last year, an all time low for the past decade) Can you determine between macro and micro? -macro looks at the whole beach -micro looks at the sand, shells little stuff * Production possibility curve (Budget Line). (pg 11- 15) -How much a society could produce in a fully employed economy, assuming a fixed availability of supplies of resources and a constant technology. -Robot pizza model -Budget line- schedule or curve that shows various combinations of two products a consumer can purchase with a specific money income
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