Econ 221 Notes.pdf

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Ferris State University
ECON - Economics
ECON 221
Roy Mclean

Economics 221 Economics- The social science that deals with how society chooses to allocate scarce resources given limitless wants or desires. Resources- 1. Land 2. Labor 3. Capital-type of good 4. Entrepreneurship-keeps industries growing Types of Economic Systems: 1. Command Economy-Public ownership of resources 2. Market Economy/Capitalist Economy-Private ownership of resources 3.Mixed System-Elements of both the command and market systems Questions- 1.What goods should society produce? 2.How should the goods be produced? 3.For whom should the goods and services be produced? Economic Sectors: 1.Household- 2/3 of economy 2.Firms- Transform resources into goods and services. 3.Government 4.International Macroeconomics-Economy as a whole Gross Domestic Product (GDP) Microeconomics-Concerned with explaining individual economic sector behavior. Economic Goals 1.Full Employment 2.Price Stability(low inflation) Deflation 3. Economic Growth 4. Income Equality 5. Economic Security Types of Economic Policy: 1.Fiscal Policy-The use of taxation and expenditure policy to pursue economic objectives Fiscal Policymakers: a) President b) Congress 2.Monetary policy-The use of money supply to pursue economic
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