Intro notes - virtually no microeconomic agent wants or...

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Click to edit Master subtitle style 12/3/10 Introduction Econ 1021
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12/3/10 What is “economics” Alfred Marshall: Economics is a study of mankind in the ordinary business of life. It examines that part of the individual and social action which is most closely connected with the attainment and with the use of the requisites of well being. Textbook definition: Economics is the study of the way people organize
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12/3/10 Microeconomics Focuses on individual parts of economy. How households and firms make decisions and how they interact in specific markets. Optimizing satisfaction with acknowledgement to bounds of limited resources
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12/3/10 Macroeconomics Focuses on economy as a whole. Economy-wide phenomena, including inflation, unemployment, and economic growth Need to explain that bad things happen at national or global level even though virtually no microeconomic agent wants
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Unformatted text preview: virtually no microeconomic agent wants or intends them to happen. – Focuses a lot on Gross domestic 12/3/10 What do economies do? • All economies must resolve 3 questions: – What to produce (addresses R.M. and Production) – How to produce (addresses R.M. and Production) – For whom are goods and services produced? ( R.M., C, D) • 4 essential economic activities: 12/3/10 Resource Maintenance • Resource Maintenance: tending to, preserving, or improving the stocks of resources that form the basis for the preservation and quality of life. • Alternate Def: Management of capital stock so that their productivity is sustained. • Capital Stock 12/3/10 Capital • an asset/good that produces other goods and services in the future. Yields stream of returns for many future periods. Not always profits....
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