Chapter 2: The Economic Problem: Scarcity and Choice
January 13, 2015
The Three Basic Questions:
1. What gets produced?
2. How is it produced?
3. Who gets what is produced?
Classical Resources: Land, Labor, and Capital
Capital: things that are produced an
Chapter 1: The Scope and Method of Economics
January 11, 2016
Economics: The study of how individuals and societies choose to use the scarce
resources that nature and previous generations have provided.
Economics is a behavioral, or social science. In lar
Instructor: Jose Barrales
Econ 2020-010: Principles of Macroeconomics
This homeowork is due Wednesday, February 3. (During the class)
Late homeowork will not be accepted.
Hard copies are preferred but electronic copies can be su
Final Exam Study Guide
Instructions: In all of these questions be sure of making your argument using the
appropriate graphs. Write also a small paragraph explaining your conclusions.
1. Assume that the US reaches the zero lower b