Lecture 2 Jan 23

Lecture 2 Jan 23 - Announcements 1....

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Announcements 1.Read announcements on Blackboard! 2.First HW on Aplia is due Monday at  11:45. 3.Again, you DO NOT need a physical  book since Aplia includes and e-book. 1 of 36
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About Me Oberlin College UCLA (Masters) The Urban Institute – 1 year www.urban.org   LECG (Law and Economics Consulting  Group) – 2 years PhD at UVA (really, I was never a  Cavalier football fan) US International Trade Commission – 2  years. 2 of 34
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The branches of economics Microeconomics  looks at the actual  act of making a decision – looking  at why agents do things. (Trees,  plants, animals)  Macroeconomics  looks at the  larger effect of the millions of  individual decisions that are made.   These effects can be seen in  things like inflation,  unemployment, and interest rates.  (Forest) 3 of 36
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Subfields of economics Industrial Organization    Looks at the structure and  performance of industries and firms within an  economy Urban and regional economics    studies the spatial  arrangement of economic activity.  Why do we  have cities?  Why do poor people live in cities?   Why do certain neighborhoods decline while others  prosper. Labor economics  deals with the factors that  determine wage rates, employment and  unemployment.  How do people decide whether to  work, how much to work, or where to work?  How  do firms decide what wage to pay? Public economics  examines the role of the  government in the economy. What are the  economic functions of government?  What effects  do these have on the economy? 4 of 36
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Comparative economic systems   examines the different ways  that alternative economic systems function.  What are the  advantages and disadvantages of different systems?  How do  capitalist economies differ from socialist economies?  What is  the best way to convert the planned economies of the former  Soviet Union to a market system? Economic development    focuses on the problems of poor or  developing countries.  What can be done to promote  development in these countries?  How do countries grow? International economics  has two parts:   International trade  studies the trade flows among countries  and international financial institutions.  What are the  implications of tariffs and quotas?   International finance  looks at the flow of assets and money  between nations as well as what determines the exchange rate  between nations. 5 of 36
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This note was uploaded on 08/15/2011 for the course ECON 2005 taught by Professor Zirkle during the Spring '07 term at Virginia Tech.

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Lecture 2 Jan 23 - Announcements 1....

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