{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chap001Macro Intro

Chap001Macro Intro - Reasoning Chapter 1 Macro233 JAFGAC...

Info icon This preview shows pages 1–16. Sign up to view the full content.

View Full Document Right Arrow Icon
Macro233  -    JAFGAC Economics and Economic  Economics and Economic  Reasoning Reasoning Chapter 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© Macro233 - JAFGAC Laugher Curve Laugher Curve Q. Why did God create economists? A. In order to make weather forecasters look good.
Image of page 2
Macro233  -    JAFGAC ECONOMICS  ECONOMICS  AND AND ECONOMIC  ECONOMIC  REASONING REASONING Chapter 1 Chapter 1
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© 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.
Image of page 4
© 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.
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© 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.
Image of page 6
© Macro233 - JAFGAC What Economics Is What Economics Is One of the key words in the definition is coordination .”
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© 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.
Image of page 8
© 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.
Image of page 9

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© 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.
Image of page 10
© 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.
Image of page 11

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© 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.
Image of page 12
© 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.
Image of page 13

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© Macro233 - JAFGAC A Guide to Economic Reasoning A Guide to Economic Reasoning Economic reasoning is making decisions by comparing costs and benefits.
Image of page 14
© Macro233 - JAFGAC Marginal Costs and Marginal  Marginal Costs and Marginal  Benefits Benefits The relevant costs and benefits that matter are the expected incremental , or additional, costs incurred and the expected incremental benefits of a decision.
Image of page 15

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 16
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern