American Economy LECTURE NOTES 3
History of Outsourcing Jobs
o Outsourcing is the contracting out of an internal business process to
a third-party organization.
The term "outsourcing" became popular in the United
States near the turn of the
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ROAD SICilS YOU MUST KNOW AIiD RECOCNIZE
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Homework 1 - Economics 0858 Spring 2015
Due: Tuesday, Jan. 27th at the beginning of class
1) For which of the following individuals would the opportunity cost of going to college be highest?
a. a promising young mathematician who wil
Due: Thursday, March 12th at beginning of class
Multiple Choice (2 points each)
1) Which of the following arguments are usually made to justify the government getting involved to prevent
I consumers dont
Due: Thursday, 2/5 at the beginning of class
1) If a producer sets the price of his good above the equilibrium price, then
Excess demand exists in the market leading the producer to d
Homework 5 Economics 0858
Due: Tuesday, March 24th at the beginning of class
Multiple Choice 2 points each.
1) The unemployment rate is sometimes seen as a less than ideal measure of the current economic climate.
Why is this the case?
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IH 852 Bill Coleman, Instructor
2 Declarations Side by Side: July 20, 1848 vs. July 4, 1776
IN CONGRESS, July 4, 1776.
The unanimous Declaration of the thirteen united
States of America,
When in the Course of human events, it becomes
necessary for one peo
Monday, April 20, 2015
1.5 million black men missing from everyday
By Justin Wolfers, David Leonhardt and Kevin Quealy THE NEW YORK TIMES
March 20, 2015
In New York, almost 120,000 black men between the ages of 25 and 54 are missing from
American Economy LECTURE NOTES 2
During the 1930s:
o More than 15 million Americans were unemployed
o President Hoover barely did anything to solve this problem
Patience and self-reliance were all Americans needed to get
them through this incident.
American Economy LECTURE NOTES 1
In the 1920s
o The 1920s earned their monikerthe "Roaring Twenties"through
the decade's real and sustained prosperity, dizzying technological
advancements, and lively culture.
o The decade marked the flour
American Economy LECTURE NOTES 5
Public policy is the principled guide to action taken by the administrative
executive branches of the state with regard to a class of issues in a manner
consistent with law and institutional customs.
o In general, the foun
American Economy LECTURE NOTES 4
The Macroeconomy of America
o Macroeconomics involves thinking about the economy as a whole, rather
than the actions of individual actors.
o The three pillars of macroeconomics: output, money, and expectations.
American Economy Lecture Notes 6
Taxes and Government Spending
What are taxes?
o Required payments to a local, state, or national government
The Governments Authority to Tax
o The Purpose of Taxation gives the government money to
o Reserves the
American Economy Lecture Notes 7
Medium of Exchange
o Single price
Gold standard, is always the same value?
Should base things on the fact that gold is always a
No because golds value changes when you find new
ways to use
American Economy Lecture Notes 8
o Price floors are the lowest price for a product set by government,
which causes a surplus
o Price ceilings are the highest price for a product set by
government, which causes shortage
o Equilibrium prices are
American Economy LECTURE NOTES 9
Public Goods and Externalities
When government monopolization of the roadways is discussed by
economists, the "externalities" argument is usually raised.
The externalities argument is based upon a distinction between priva
American Economy LECTURE NOTES 10
Environmental economics is the study of how the economy affects the
environment, how the environment affects the economy, and the
appropriate way to regulate economic activity so as to achieve an optimal
balance between c
Welcome to Econ 0858
Economics 0858: The American Economy
Second Inaugural Address
Saturday, March 4, 1865
Weeks of wet weather preceding Lincoln's second
inauguration had caused Pennsylvania Avenue to
become a sea of mud and standing water. Thousands of
spectators stood in thick mud at the Capit
The Gettysburg Address
November 19, 1863
Four score and seven years ago our fathers brought forth, upon this continent, a new nation,
conceived in Liberty, and dedicated to the proposition that all men are created equal.
Now we are engag