ECON 102 Lecture Notes - Lecture 2: Social System, Mixed Economy, Planned Economy

• School: University of Illinois
• Department: Economics
• Course: ECON 102
• Professor: Isaac Di Ianni

Document Summary

Micro = foundation of economics individual human choices and how those choices affect how businesses behave, how price systems, profit/loss systems emerge, etc. Macro = takes individual beliefs and use those to study topics like economic growth, recession/depression. Making these type of decisions scientifically relying on mind as opposed to gut feelings. Apply critical thinking in all social science: ex. When most people think about politics, they think about it emotionally. But one needs to think about them scientifically not just because they sound good . Business = everyday activity of production and trade. Producing and selling educational values (and possibly getting paid for it in exchange: think about needs of customers, who you"re competing with, changes occurring within field and how they affect your decisions. Economic science is a positive science ex. In terms of speed, the laser 1 is the best something something . Can argue against it, can"t argue normative.