Chap001Macro Intro

Chap001Macro Intro - EconomicsandEconomic Reasoning Chapter...

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Macro233  -    JAFGAC Economics and Economic  Economics and Economic  Reasoning Reasoning Chapter 1
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© Macro233 - JAFGAC Laugher Curve Laugher Curve Q. Why did God create economists? A. In order to make weather forecasters look good.
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Macro233  -    JAFGAC ECONOMICS  ECONOMICS  AND AND ECONOMIC  ECONOMIC  REASONING REASONING Chapter 1 Chapter 1
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© Macro233 - JAFGAC You will need to: You will need to: Define economics. Examine three economic (coordinating) problems all economies must solve. Compare marginal costs and marginal benefits to make economic decisions. Define and explain opportunity costs.
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© Macro233 - JAFGAC You will need to: You will need to: Explain how economic, social, and political forces influence real-world events. Distinguish between: microeconomics and macroeconomics. positive economics, normative economics, and the  art of economics.
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© Macro233 - JAFGAC What Economics Is What Economics Is Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society.
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© Macro233 - JAFGAC What Economics Is What Economics Is One of the key words in the definition is coordination .”
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© Macro233 - JAFGAC What Economics Is What Economics Is Any economic system must solve three central coordination problems: What, and how much, to produce. How to produce it. For whom to produce it.
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© Macro233 - JAFGAC What Economics Is What Economics Is Scarcity exists because individuals want more than can be produced. Scarcity  – the goods available are too few to  satisfy individuals’ desires.
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© Macro233 - JAFGAC What Economics Is What Economics Is The degree of scarcity is constantly changing. The quantity of goods, services, and usable resources depends on technology and human action.
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© Macro233 - JAFGAC What Economics Is What Economics Is Economics is the study of how to get people to do things they're not wild about doing and not to do things they are wild about doing.
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© Macro233 - JAFGAC What Economics Is What Economics Is To understand the economy, you need to learn: Economic reasoning. Economic terminology. Economic insights economists have about  issues, and theories that lead to those insights.
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© Macro233 - JAFGAC What Economics Is What Economics Is To understand the economy, you need to learn: Information about economic institutions. Information about the economic policy options  facing society today.
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© Macro233 - JAFGAC A Guide to Economic Reasoning A Guide to Economic Reasoning Economic reasoning is making decisions by comparing costs and benefits.
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Macro233 - JAFGAC Marginal Costs and Marginal  Marginal Costs and Marginal  Benefits Benefits The relevant costs and benefits that matter
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This note was uploaded on 09/13/2011 for the course ECON 102 taught by Professor Yotsubo during the Spring '08 term at Rutgers.

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Chap001Macro Intro - EconomicsandEconomic Reasoning Chapter...

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