EC120 Lecture Notes - Lecture 2: Opportunity Cost, Market Economy, Macroeconomics
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EC120 Full Course Notes
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Document Summary
Inclass clicker quesions will be based on prequiz and content covered in class. Economics is the study of how society manages its scarce resources. Product (there are two sectors)- goods (tangible) -> 5 industries: People in the economy will provide these factors, and these are provided by households. You need to be compensated for these because you don"t want to work for free. Entre put the other three together and look for proit. Firms and households interact with each other in the market. Micro looks at an individual and looks at demand for individual products. Narrow down on industries and look what happens when prices go up or down. In 2010 goods were 24% and services were 76%. What are the impacts of services coninuing increasing il for example 95%. If there are not many goods being produced we have become vulnerable. Economists looks what will happen in the long term.
