[ECON 2133] Comprehensive Final Exam guide including any lecture notes, textbook notes and exam guides.find more resources at oneclass.com
Definition & Measurement
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)
- United States
Government Control- Government spends or redistributes how the money is allocated (i.e.
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
- Fact/Empirical Data
- Scientific Inquiry
- Testable Hypothesis
- Views, opinions, controversy
- Value judgments ▯What we should/ought to be doing▯
Macro Economy Goals
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