Notes Section 1 fall 09

Notes Section 1 fall 09 - Def: A. Demand Def: 1. Individual...

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Chapter 1: Limits, Alternatives and Choices A. What is Economics? Definition: 1. Scarcity and Choice 2. Rational Behavior (purposeful) 3. Marginalism B. Why Study Economics? 1. 2. 3. C. Macro vs. Micro -Positive vs. Normative
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D. The Economizing problem; the individual E. The Economizing problem; society - Employment and efficiency. 1. Full emp 2. Full prod - Production possibilities
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- Unemployment, Growth and the Future. 1. Discard Unemp 2. Growth
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Chapter 2: The Market System and the Circular Flow A. Economic systems 1. Spectrum of systems B. Characteristics of a market system 1. Private Prop 2. Freedom of ent and choice 3. Self-interest 4. Competition of interests 5. Markets and prices 6. Reliance on capt and tech 7. Specialization
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8. Division of labor 9. Geographic Specialization 10. Money 11. Active but limited gov. C. Four Questions. 1. What to produce 2. How to produce 3. Who gets what is produced 4. How to accommodate change. (book labels it how to promote progress)
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D. Circular flow
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Chapter 3: Demand, Supply and Market Equilibrium Individual Markets
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Unformatted text preview: Def: A. Demand Def: 1. Individual demand Schedule Law of demand: Justifications 1 2 3 Graph 2. Market demand-Determinates of demand-----3. changes of demand. B. Supply. Def: 1. Individual Supply Schedule Law of supply: Justifications 1 2. Graph 2. Supply curve.-Determinates of Supply------3. Changes in supply C. S+D market equilibrium 1. Schedule 2. Graph D. Movement of curves and results E. Price floors and ceilings. Theory and reality. Chapter 4: Elasticities of Supply and Demand A. Price elasticities of demand.-General measure 1. Interpretations of Elasticity a. Elastic b. Unitary c. Inelastic d. Perfectly… 2. Midpoint formula 3. Elasticities over a straight line demand.-Total Revenue test and total revenue curve 4. What determines elasticities? 5. Applications B. Price elasticity of supply. 1. Market period 2. Short run 3. Long run C. Income elasticity D. Cross price elasticity F. Consumer and Producer Surpluses...
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This note was uploaded on 10/02/2009 for the course ECON 2306 taught by Professor Wunder during the Spring '09 term at University of Texas-Tyler.

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Notes Section 1 fall 09 - Def: A. Demand Def: 1. Individual...

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