cmserver-6 - Econ 1110 Introduction to Microeconomics...

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Econ 1110 Introduction to Microeconomics Professor Richard V. Burkhauser 2 Thinking Like an Economist
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Econ 1110 – Professor Burkhauser If you are not receiving credit for your i>Clicker questions here is what you need to do… - Read the syllabus - Enroll in the Blackboard course - Enroll in the Aplia course - Make sure you input your NetID correctly into Aplia. Some people put their email, their student ID, or left it blank. The NetID is the part of your CORNELL email address that comes before @cornell.edu. If your CORNELL email is xyz123@cornell.edu, your NetID is xyz123. If this is wrong you will not get i>Clicker grades. - Register your i>Clicker
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Econ 1110 – Professor Burkhauser Key Concepts • circular-flow diagram, p. 25 • production possibilities frontier, p. 26 • microeconomics, p. 29 • macroeconomics, p. 29 • positive statements, p. 31 • normative statements, p. 31
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Out of the Frying Pan into the Firing Line Econ 1110 – Professor Burkhauser
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Figure 2.1 The Circular Flow Spending Goods and services bought Revenue Goods and services sold Labor, land, and capital Income = Flow of inputs and outputs = Flow of dollars Factors of production Wages, rent, and profit FIRMS •Produce and sell goods and services •Hire and use factors of production •Buy and consume goods and services •Own and sell factors of production HOUSEHOLDS •Households sell •Firms buy MARKETS FOR FACTORS OF PRODUCTION •Firms sell •Households buy MARKETS FOR GOODS AND SERVICES
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This note was uploaded on 10/21/2011 for the course ECON 1110 at Cornell University (Engineering School).

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cmserver-6 - Econ 1110 Introduction to Microeconomics...

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