ECON 1101- Final Exam Guide - Comprehensive Notes for the exam ( 36 pages long!)
30 Nov 2017
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Econ 1101 lecture 1 intro: what is economics: what is economics, definition includes, scarcity of resources: land, labor, capital, choices made by individuals, firms, governments, entire society for allocating those resources. Studies individual people and businesses and adds them up to study markets. Influence of government on markets: macroeconomics, top down. How can we attain stable growth with low unemployment and avoid inflation: macroeconomics, different schools of thought exist in macroeconomics (intros will be provided, different theories lead to different policy ideas. Central bank should follow rule for m growth: austrian: markets (cid:449)ork (cid:449)ell, (cid:374)atural i(cid:374)terest rate guides i(cid:374)(cid:448)est(cid:373)e(cid:374)t, do(cid:374)"t mess with interest rates. Government can only make slump worse: two big questions for any economy, what to produce, how to produce, and for whom. Economics the study of how people make choices under conditions of scarcity and of the results of those choices of society.
