SOC SCI 1A Lecture Notes - Lecture 7: John Maynard Keynes, Enron Scandal, Émile Durkheim

• School: UC-Irvine
• Department: Social Science
• Course: SOC SCI 1A
• Professor: Joanne Christopherson

Document Summary

Dismal science-for every gain there is a cost. Have to make choices on what we are going to do. Economic freedom-ability to have any job we want and the government does not choose our role in the society: macro-economic systems as a whole, whole countries, micro-behavior of speci c economics, families, companies. Econometrics-studies how economy is working based on statistics. Supply curve-as prices go up producers will produce more-amount of products or services available for a speci c price. Demand curve-as prices go up people demand less, demand and willingness to go and buy something, ability and willingness to go and buy something. Government must be involved in running the economy. Automatic stabilizers-social security-used to make sure another great depression does not happen. Fire people from companies because they don"t want people who have committed crimes to be involved at a high point in their company. Fraud, high executives taking money from the company for their own personal use.