1-19-11 Basics of Economics

1-19-11 Basics of Economics - Economics Class Notes Prof...

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Economics Class Notes Prof. Denalane (301)535-2796 Email: [email protected] January 19, 2011 Basics of Economics Peoples or societies wants are unlimited Resources are limited; scarce Economics – Is a science in which we manage limited; scarce resources efficiently to reach a maximum potential. It is a decision science which involves everything in our lives. Every decision made, no matter how large or how minute, has benefits (pros) and costs (cons) due to scarce resources. It is the production and distribution of scarce resources. This class, Principles of Economics I, is also known as macroeconomics, which looks at the entire economy as a whole. Microeconomics (Principles of Economics II) , on the other hand, looks at the individual consumer. It looks at the smaller picture and focuses more on basic theories of supply and demand and how individual businesses decide how much of something to produce and how much to charge for it. In this class, we will look at three markets: The Product Market – A market used to exchange a final good or service. Product markets exchange consumer goods purchased by the household sector, capital
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1-19-11 Basics of Economics - Economics Class Notes Prof...

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