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Lecture 1 Spring 2014.pdf

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ECON 1132
Andrew Petersen

Ec 13203 Harold Petersen Principles of EconomicsMacro January 14 2014Lecture 1 Introduction This is a course in Principles of Economics MacroI am assuming you have had Principles Micro and will teach the course with that understandingIf you have not had micro you will miss a bit of what we are doing and will have to work hard to compensate for it You should think seriously about whether you want to try macro without the micro background or at least whether this is the right section for youMuch of macro can be mastered without micro but there will be times when I assume the micro background Today I want first to distinguish between micro and macro and then to give you an introduction to macroeconomicsEconomics is concerned with how we use our resourceswhat we have to work withto produce goods and services to satisfy human wantsGoodsWantsResourcesLandFood Housing ComfortLaborMovies PleasureCapitalMusic Lessons Development By resources we mean what we have to work withWe list three kindsLand labor and capitalBy land we mean gifts of naturethe earth the minerals within it the waters of the sea and the airBy labor we mean our ability and willingness to workour strength and skills and dexterity and ingenuityour human resourcesAnd by capital we mean goods produced for use in further productionThink of capital as factories machines office buildings Wants include comfort to be not too hungry or thirsty or too hot or too cold or ill and this is satisfied by food shelter medicineThen we have pleasure as satisfied by movies and sports cars and fine foodAnd development to be in some sense the most we can be as satisfied by picture books music lessons and education
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