ECON 1020 Study Guide - Final Guide: Externality, Fiscal Multiplier, Karl Polanyi

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Neoclassical economics: how to use the scarce resources. Belief that competition leads to an efficient allocation of resources, and regulates economic activity. Marginalism: the process of analyzing the additional or incremental costs or benefits arising from a choice. Fiscal policy: level of spending a gov does depending on economy. Stimulate economy when supply is higher than demand (give money) Monetary policy: federal reserve chooses how much money is circulation. Positive economics: without making judgments - it describes what exists and how it works positive statement (ex: it is snowing in denver) Normative economics: requires a value judgment normative statement (ex: it should be snowing in denver) Political economy: more concerned (than mainstream econ) with the relationships of the system. Sensitive to the influence of non-econ factors such as political and social institutions, morality and ideology in determining econ events. 4 c"s that link the thinking of political economists: context: the history and institutions that shape and constrain behavior.

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