introduction to macro chapter 1 - KEY POINTS Brief overview...

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KEY POINTS Brief overview of key issues in economics: scarcity and choice, opportunity cost, cost/benefit analysis, optimization, marginal analysis, models, scientific method, fallacies, ceterius paribus, efficiency versus equity; positive versus normative economics, micro and macroeconomics, what, how, who questions and capitalism, communism, socialism, trade-offs .production possibilities frontier (go light on the graphical stuff here), Real GDP and the price level, business cycles, Keynes. READING Ritternberg, chapters 1 – allchapter 2 JUST these sections : START UPFACTORS OF PRODUCTIONAPPLICATIONS OF PRODUCTION POSSIBILITIES MODEL - only the subsections below ECONOMIC GROWTH
ARENAS FOR CH
OICEGOVERNMENT IN A MARKET ECONOMY REVIEWyou are not responsible for the Production ;Possibilities Frontier graphs– just the punch lines. Chapter 5 JUST these sections START UP GROWTH
 OF REAL GDP AND BUSINESS CYCLES END OF CH
APTER QUESTIONS – worth a look. Ask about any that give you trouble MULTIPLE CH
OICE QUESTIONS Sakai Tests and Quizzes RH
W1 NEWS From a recent Wall Street Journal or New York Times, or any respectable on-line source (google news) , find examples of any of the following, and bring them up in class.Economics,
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