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[ECON 2133] - Final Exam Guide - Everything you need to kno..
[ECON 2133] - Final Exam Guide - Everything you need to know! (33 pages long)

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East Carolina University
ECON 2133
Randall Parker

[ECON 2133] Comprehensive Final Exam guide including any lecture notes, textbook notes and exam guides.find more resources at Macroeconomics Definition & Measurement 1/10/2017 Economics- The allocation of scarce resources among alternative competing ends. - 6+ Billion people worldwide; 330 Million people in USA Demography- The study of population characteristics (geographically, ethnically, educationally, etc.) and dynamics (how is it changing over time). - Rural China, 160 males per 100 females because the #1 son takes care of parents so they were more valued Scarcity- Finite resources with infinite wants. - ▯Necessitates choice!▯ - Is permanent - Can be alleviated or lessoned Economics is the Science of Optimal Choice Making! - Economics pie, $18.5 trillion, making USA the largest piece of world pie * Allocation (mechanisms) is (are) used to divide the pie Markets- Laws of supply and demand, driven by individual choice (i.e. Singapore) vs. - United States - Venezuela - Cuba - China Government Control- Government spends or redistributes how the money is allocated (i.e. North Korea) Mixed Economy- The ▯What to produce▯, ▯(ow to produce▯, and ▯Who to produce for▯ questions are not easily answered. A mix of individuals and government make the decision. Macroeconomics vs. Microeconomics Positive Economics - Fact/Empirical Data - Scientific Inquiry - Testable Hypothesis vs. Normative Economics - Views, opinions, controversy - Value judgments ▯What we should/ought to be doing▯ Macro Economy Goals find more resources at
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