ECON 1011 Lecture Notes - Lecture 2: Joseph Stiglitz, Barter, Gross Domestic Product

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ECON 1011 Full Course Notes
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Ta help sessions: mondays 6 8 pm, wednesdays 6-8pm b36 monroe. Microeconomics focus on individuals, and how they come together in a market: the household level, and the behavior, focus on firms, and what and how to produce. Monetary policies study how they affect the macroeconomic variables. 4 important economics principles: the profit motive and self interest, the division of labor, mutually voluntary exchange, the invisible hand. Adam smith the wealth of nations (1776) The division of labor: adam smith recognized that england became so rich so quickly is primarily because of the division of labor, if we have some people devoted to manufacturing, managing, fixing, creating. Says government can play an important part to help facilitate making things. The invisible hand: we are more interconnected than ever before in the world, the notion of the invisible hand is the idea that no one is controlling the market place.

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