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Lecture Notes for ECON 1202 - Principles of Macroeconomics with Cunningham at Connecticut (UConn)

Notes Information

Material Type:Study Guide
Professor:Cunningham
Class:ECON 1202 - Principles of Macroeconomics
Subject:Economics
University:University of Connecticut
Term:Spring 2010
Keywords:
  • Positive Analysis
  • The Economy
  • Complementary Good
  • Individual Demand
  • Increase in Demand
  • Relationship
  • Cost Principle
  • Different Values
  • Individual Consumer
  • Differences
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Sample Document Text

Economics: my book notes Chapter 1: Introduction: What is Economics? • 2/1/10 Economics is the science of choice, exploring the choices made by individuals and organizations. • One reason we have prospered is greater efficiency: We have discovered better ways to use out resources -- raw materials, time, energy -- to produce the goods and services we value. Section 1.1: What Is Economics? • Economics uses the word scarcity to convey the idea that resources -- the things we use to produce goods and services -- are limited, while human wants are unlimited. • Economics studies the choices we make when there is scarcity; it is all about tradeoffs. • People produce goods and services using one or more of the following factors of production also called production inputs or simply resources. • Natural resources - Are provided by nature, ex: fertile land, mineral deposits, oil and gas deposits and water. Some economists refer to all natural resources as land. • Labor - It is the physical and mental eff...

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