1 academia 2 teach students the tools to think

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Unformatted text preview: vate Sector Key Concepts and Terms Key ◦ ◦ ◦ ◦ Scarcity Resources Economics Positive vs. Normative Language Key ◦ ◦ ◦ ◦ ◦ Terms: Ideas Society’s 2-part problem – there aren’t enough resources to produce the amount of goods and services that would fully satisfy everyone Microeconomic examines the behavior of individual decisionmakers Macroeconomic examines the aggregate outcome of many individual decision-makers Assumptions serve to simply a problem before examined Theories provide a causal relationship between variables while 21 Could You Live on $1 per Day? The World Bank defines those living “extreme poverty” as those living on $1 per day Began in their 1990 World Development Report and is now widely reported as some kind of official benchmark Both the total number of people worldwide and the percentage of people surviving on $1 per day or less has steadily decreased since 1990 The total number reached less than 1 billion for the first time in 2004 The Economist, April 26, 2006 22 The $1 per day Benchmark 23 Normative and Positive “Sure, it would be great if everyone were here legally, if the immigration service weren't such a disaster that getting a green card is a l...
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This note was uploaded on 02/19/2013 for the course ECON 201 taught by Professor Baker during the Spring '07 term at University of Tennessee.

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