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Class:ECN 141 - Principles of Macroeconomics
Subject:Economics
University:Utica College
Term:Spring 2010
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Economy an abstraction that refers to the sum of all of our individual production and consumption activities.
Scarcity Scarcity is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. the lack of enough resources to satisfy all desired uses of those resources.
Factors of Production are resource inputs used to produce goods and services -land (all natural resources) -labor (skills to produce-Human Capital) -capital (final goods for production) -entrepreneurship (assembling resources for new goods)
Economics Economics is the social science that analyzes the production, distribution, and consumption of goods and services. the study of how best to allocate scarce resources among competing uses
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Gross Domestic Product (GDP) The gross domestic product (GDP) or gross domestic income (GDI) is a measure of a country's overall economic output.
Opportunity Cost the most desired goods or services that are forgone in order to obtain something else. -Give something to get something - Guns vs. Butter: Either increase military output or civilian output
Production Possibilities the alternative combinations of final goods and services that could be produced in a given period of time with all available resources and technology
Scarce Resources There's a limit to the amount we can produce in a given time and period with all available resources and technology
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Efficiency getting the max output of a good from the resources used in production -every point on a production possibilities curve is efficient
Inefficiency an actual output will be less than the potential output -a production possibilities curve shows the potential output not necessarily the actual output. -a point outside the PPC suggests that we could get more goods than we are capable of producing
Economic Growth Economic growth is the increase of per capita gross domestic product (GDP) or other measure of aggregate income. An increase in output (real GDP)- an expansion of production possibilities
Market Mechanism the use of prices and sales to signal desired outputs (or resource allocations) -invisible hand -cheapest possibility
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Laissez faire the doctrine of leave it alone- non-intervention by government in the market mechanism by Adam Smith
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 Economyan abstraction that refers to the sum of all of our individual production and consumption activities.
 ScarcityScarcity is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources.

the lack of enough resources to satisfy all desired uses of those resources.
 Factors of Productionare resource inputs used to produce goods and services
-land (all natural resources)
-labor (skills to produce-Human Capital)
-capital (final goods for production)
-entrepreneurship (assembling resources for new goods)
 Economics Economics is the social science that analyzes the production, distribution, and consumption of goods and services.

the study of how best to allocate scarce resources among competing uses
 Gross Domestic Product (GDP)The gross domestic product (GDP) or gross domestic income (GDI) is a measure of a country's overall economic output.

 Opportunity Costthe most desired goods or services that are forgone in order to obtain something else.
-Give something to get something
- Guns vs. Butter: Either increase military output or civilian output
 Production Possibilitiesthe alternative combinations of final goods and services that could be produced in a given period of time with all available resources and technology
 Scarce Resources There's a limit to the amount we can produce in a given time and period with all available resources and technology
 Efficiencygetting the max output of a good from the resources used in production
-every point on a production possibilities curve is efficient
 Inefficiency an actual output will be less than the potential output
-a production possibilities curve shows the potential output not necessarily the actual output.
-a point outside the PPC suggests that we could get more goods than we are capable of producing
 Economic Growth Economic growth is the increase of per capita gross domestic product (GDP) or other measure of aggregate income.

An increase in output (real GDP)- an expansion of production possibilities
 Market Mechanismthe use of prices and sales to signal desired outputs (or resource allocations)
-invisible hand
-cheapest possibility
 Laissez fairethe doctrine of leave it alone- non-intervention by government in the market mechanism by Adam Smith
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