ECON 200 Lecture Notes - Lecture 1: Government Failure, Phillips Curve, Market Failure

• School: University of Arizona
• Department: Economics
• Course: ECON 200
• Professor: Ashley Langer

Document Summary

Use the margins in your book for note keeping. My comments in these chapter summaries are in italics. For testing purposes, you are responsible for material covered in the text, but not for my comments. The margins in your book are wide, so use them for note taking rather than having a notebook. The summaries at the end of the chapters are excellent reviews. The central features of this framework are as follows. People are constantly confronted with the necessity of making choices - as consumers, workers, investors, parents, and in many other roles. In making these choices, they try to do the best they can, given the constraints they face - constraints of money, time, energy, and information. Economists assume that people are rational, which does not mean that they are brilliant, but just that they act in a purposeful manner---being better off is preferred to being worse off.