Professor Thomas DeLeire
Handout for Lecture 1: Introduction
1. What is Microeconomics and why is it useful for policy analysts?
2. Course objectives
3. Examples of economic analysis for policy
Chapter 9 Notes - Econ 359
The Fat lamp was about twenty-two times more energy efficient as a source of
light than campfires.
The Babylonians of about 1750 B.C. used sesame oil to light up their temples.
This was double the energy effici
Econ 334 100
New and Old Operations
Since the establishment of the United States of America, the ways of operations of
production and business have always been changing. In the beginning, mercantilism dominated
Online Assignment: Inside the Meltdown
Due by 11:58 pm on Wednesday,
Instructions: Insert your responses to the following questions directly into
the word document and upload on.
1. What happened to make Bear Stearns go out of business?
a. Bear St
Econ 221 Study Guide
Chapter 11: Behind the Supply Curve Inputs and Costs
Production function: relationship between the quantity of inputs a
firm uses and the quantity of output it produces
Marginal product: additional quantity of output pr
You are now about to witness the strength of market knowledge
E.W.A Economists With Attitude
we sell pencils (insert racial slur)
If you still using a pen now a days get the hell out here
Shits not even erasable
I like tuh make money get increasi
Intro and Trade
Marginal- Goods and services produced and sold at the margin of probability
Specialization specializing in the production of one good
Increases productivity -> increases total output
Specialize in one good then trade for the rest
Section 2: Supply and Demand
What is demand?
Demand refers to how much (quantity) of a product or service is desired
by buyers. The quantity demanded is the amount of a product people
are willing to buy at a certain price; the relationship between price
GDP Does it Measure Up Questions
1. An economys GDP is broken down into several components. Which is the largest?
The largest component of GDP is consumer spending
2. Why is real GDP a better measure of economic growth than nominal GDP?
Ch.1 Review Questions
1.Scarcity is defined as when human wants are greater than what is available. The lack of
resources, including time, as well as the vastness of human want and desire, as well as the
location in which people are can
Chapter 6 Questions
11. The main components of measuring GDP through demand are consumer spending,
business spending, government spending and spending on net exports.Out of these four, the
largest component is that of consumer, or househ
1. Due to frictional and structural factors, which come in the form of changing one's
vocation and technological innovations, it is virtually impossible to have no
unemployment. In fact, some amount of unemployment is considered good whi
8. The difference between being unemployed and out of the labor force is that the unemployed
are actively seeking work and are part of the workforce, and being out of the labor force can be
by choice, such as being retired
Economics: Unit 4 Key Terms
Economic systems: What, How, and for whom?
o Traditional: decisions about production and consumption are based on
custom and tradition.
o command: decisions about production and consumption are made by
Econ 221-01: Principles of Microeconomics
Exam #1 (Practice I)
DO NOT begin until instructed to do so.
Please write your name and ECON221 somewhere on your Scantron.
There are no calculators allowed on this exam.
You have 1 Hour and 30 Minutes to answ
Aggregate Demand and Aggregate Supply Tutorial
-Introduction to AD-AS Framework
The price level and real GDP are the 2 primary variables explained within the AD-AS
framework. This model allows us to represent the current state of the macroeconomy in terms
ECON MIDTERM 2
Income Taxation Tutorial
-Every public budget has two sides: expenditures (i.e., spending) and the financing of those
expenditures. Taxation and public debt are the means of public finance. When the government spends more
than it takes in t
Monetary and Fiscal Policy Tutorial
-Monetary and Fiscal Policies
Monetary policies are conducted by the Federal Reserve (aka the Fed) that focus on changing the
supply of money.
Fiscal policies are conducted by the Congress and the White House and focus
Elasticity and Tax Tutorial
-Price elasticity of demand refers to how responsive consumers are to price changes. While higher
(lower) prices lead consumers to purchase less (more), in some instances consumers cut back consumption to
a large degree (called
ECON 201 Midterm 1
Introduction to Economics Tutorial
-Economics is the study of the allocation of scarce resources to satisfy competing ends.
Our scarce resources are land, labor, capital and entrepreneurship. Resource scarcity is indicated
Econ 221 Winter 2016 Practice Midterm Exam
Identify the choice that best completes the statement or answers the question.
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a