ECO-8-29-Ch1-Week-1

ECO-8-29-Ch1-Week-1 - Economics:ClassNotesWk.1...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics: Class Notes Wk. 1 29/08/2007 18:24:00 Economics:      Economics is the study of how societies go about provisioning  themselves with the material means of existence. Time is scarce.  Every decision we make is in the face of scarcity. Economics focuses on the material means of existence. Four Provisions of Economics     What? How? For Who? Consequences? Microeconomics: Focused on individual behavior.  Answers first 3 questions. Macroeconomics: Entirety of the economy.  Answers last question. Market:  “Interaction” between the buyer and seller. Market Exchange:  Exchange of a good or service for money or another good or  service (bartering) Three Keys to Economics     What opportunity you give up to obtain  something else.   
Background image of page 1

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

View Full DocumentRight Arrow Icon
The Margin:  Decisions made about something specific, dealing with “how  much”.  Ex. You have to work 40 hours a week, how many hours overtime do 
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/16/2012 for the course ECON 2000 taught by Professor Roussell during the Fall '06 term at LSU.

Page1 / 5

ECO-8-29-Ch1-Week-1 - Economics:ClassNotesWk.1...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online