Economics Team Lecture

Economics Team Lecture - Economics Team Lecture 15:06...

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Economics Team Lecture 15:06 Richard heilbroner: “economics is the sudy of the process of providing the  material well-being of a society” Production and distribution o Services are a form of production o Core of an economy o Economist study our specific times Economy is an interest all over sociology, psych, history All through the social sciences Economic man- some assumption of rationality about humans who buy stuff o Sometimes the man is bizarre, buys things that make no sense Micro economics: Smaller units of the economy Economic growth Increased level of goods and services produced by the economy, from year to  year GDP- gross demestic product (GDP) o The amount of goods and services produced in a year in a specific  economy  o GDP= Consumption (C) + Business Investment (I) +Government Spending  (G) + Exports (X) – Imports (M) Consumption- everything we buy
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This note was uploaded on 11/10/2010 for the course SS SS101 taught by Professor Varat during the Spring '10 term at BU.

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Economics Team Lecture - Economics Team Lecture 15:06...

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