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Lecture Notes for ECO 201 - Prin Of Economics: Macro with Beaty at Tarleton State University

Notes Information

Material Type:Note
Professor:Beaty
Class:ECO 201 - Prin Of Economics: Macro
Subject:Economics
University:Tarleton State University
Term:Spring 2011
Keywords:
  • Traditional Economy
  • Positive Statements
  • The Economic Problem
  • Assumptions
  • The Economy
  • The Judgement
  • Economic Systems
  • Normative Statements
  • Observation
  • Positive Statement
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Sample Document Text

Economics Test 1 Notes Macroeconomics- relationships are complex, Large Lags- everything takes time in economics. When lags occur we raise issues on what really causes problems. Scarcity- exists cause nature does not provide us with the resources to produce enough godds and services to satisfy out material wants. Economic Problems- ? Unlimited wants ? Limited resources Implications of Scarcity ? Can?t have everything we want ? Getting more of one thing implies giving up something else Opportunity Cost- When we make a choice in the face of scarcity, we give up opportunity to do something else. Economics is a materialistic science that is concerned with the production and distribution of Basic Economic Questions.. goods and services. ? What goods and services should be produced? ? How should they be produces? ? For whom should these goods and services be produced? ? Countries choose economic systems Alternative Economic ...

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