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Lecture Notes for ECON 2005 - Principles of Economics at Virginia Tech (VT)

Notes Information

Material Type:Class Note 1
Professor:Staff
Class:ECON 2005 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Competitive Market Structure
  • Government Markets
  • Warren Buffet
  • Descriptive Economics
  • Price System
  • Public Information
  • Opportunity
  • Immediately
  • Private Information
  • The Law of Supply
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Sample Document Text

ECON 2005 Chapter 1: The Scope of Economics Two important fields: 1. Microeconomics is the branch of economics that examines the behavior of individual decision-making units – that is, business firms and households. 2. Macroeconomics is the branch of economics that examines the behavior of economic aggregates – income, output, employment, and so on – on a national scale. Production Production/Output in Individual Industries and Businesses Prices Prices of individual goods/services Income Distribution of income Wages in the auto industry Minimum wages Poverty National income Total wages and salaries Total corporate profits Government Why there is a Gov? Do we need a Gov? What is an efficient tax? Regulation Public good Fiscal policy Monetary policy Micro Macro National Production/Output Gross Domestic Product Growth of Output Consumer/prod ucer prices Rate of inflation Micro Employment Employment by individual businesses Number of employees in a firm Employment and unemployment in the economy Unem...

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