11:373:101- Midterm Exam Guide - Comprehensive Notes for the exam ( 79 pages long!)

• School: Rutgers University
• Department: Environmental and Business Economics
• Course: 11:373:101
• Professor: P Gottlieb

Document Summary

Topic 1 thinking about economics, people, and the environment. Designed + animated the course: course overview, course outline, learning objectives, comments on course logistics, topic 1: thinking about epe, economic systems. Types of decisions outcomes: elements of economic thinking. Learning objectives: enhance ability to make informed economic decisions, enhance critical thinking skills, help you apply economic concepts to new problems (not memorize) Many of these inputs often come from environment. Outputs from economic systems often go back to the environment (sometimes harmful) Many trash companies employed to do what one truck can do. Wastes resources such time, labor, fuel, money etc. If government monopolizes trash pickup, can save resources overall. Con of monopoly no competition, prices may become higher if monopolized. When unemployment is high, government with lower interest rates. Stimulates consumer borrowing and spending, gets economy going + unemployment falls.