Day 1 Lecture

Day 1 Lecture - Day 1 Intro to Economics What is Economics...

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Day 1 – Intro to Economics What is Economics?_____________ Resources are: Four resources: 1. 3. 2. 4. Is money a resource? II. When are resources considered scarce? Application of concept: Suppose that I decide to quit my job and open up a ski resort. What are some resources that I will need?
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Is snow always a scarce resource? HOW PEOPLE MAKE DECISIONS
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Application of concept: What percentage of college students are women? Why do you think this is?
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B. Blue book value is $6000 if transmission works, $5500 if it doesn’t HOW PEOPLE INTERACT
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Market: a group of buyers and sellers. “Organize Economic Activity”: What to produce-> How to produce it-> How much to produce, who to sell it to?
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..an invisible hand that leads them to make choice which often maximizes economic well-being. 1) price system 2) price 3) value to the consumer cost to the producer
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1) Enforce property rights (through law enforcement and the court system) 1) Occurs when markets don’t provide the best outcome.
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2) Exernalities: when the production or consumption of a godd Affects bystanders 3) Market power: a single buyer or seller has substantial influence over price 1) gov. . may improve quality 2) tax and welfare system HOW THE ECONOMY AS A WHOLE WORKS
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Produce goods, GDP Productivity depends on Tech, Capital, Human Capital (skills and knowledge).
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1) excessive growth, decreses 1)
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This note was uploaded on 12/26/2010 for the course ECO 181 taught by Professor Cherry during the Fall '07 term at SUNY Buffalo.

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Day 1 Lecture - Day 1 Intro to Economics What is Economics...

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