ECO 181 Lecture Notes - Lecture 1: Rationality

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27 Feb 2015
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Economics: studies how society ___________ it"s ____________________ to it"s members in order to satisfied __________________. Three basic questions that every society must answer! I: name three examples of each of the following. Goods that are provided centrally by the government. a: goods that are provided by firms operating in decentralized markets, goods that are provided both centrally by the government and by firms operating in decentralized markets. Microeconomics studies the _____________ components of an economy (_____________________________________) and how they ________________. Understand the primary components of measuring the _________________ economy. Develop _________________ to understand how the economy works. Classify the following as microeconomics or macroeconomics: a study of how an increase in the minimum wage in new york state affects the, an examination of how inflation in the economy affects the overall spending in, an examination of monopoly power in the airline industry, an examination of the relationship between output in the economy and labor market. the economy. unemployment.

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