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CAS EC 102 (73)
Chapter 1

Chapter 1 (Part 2) Lecture.pdf

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Department
Economics
Course
CAS EC 102
Professor
Jay Zagorsky
Semester
Spring

Description
Chapter 1 (Part 2) Lecture Saturday, January 18, 2014 9:45 PM - Read "What's news" in WJS and assigned readings ○ NOT ON THE TEST: A1 (1/21)"What city slickers…" (Longest cattle drive in the world) ○ ON THE TEST: A3 (1/21)"Investorsvisas see record demand" (Immigration)  B1-B3 (1/21)"Navigating high seeds of rising rates" (Interest rates) - Important definitions ○ Capital: Physical items that allow you produce things; factories ○ Recession:Significant town turn in economicactivity ○ Goods: Something that can be resold ○ Services: Cannot be resold ○ Positiveeconomics:Objective and facts  Does not have to be correct ○ Normativeeconomics:Judgments - 1st Basic Model: How Successful Businesses Work ○ Constantly make money  Do so without breaking □ Explicit laws, implicit laws and social agreements  Price is a microeconomicfunction, but is affected by macroeconomics □ Price is determined by managers, but the value is influenced by inflation  Quantity sold is impacted by macro variables □ Consumer confidence □ Income □ Wealth □ Foreign exchange rate  Costs □ Costs are dependent on micro decisions but influenced by macro  Profits □ Many business leaders to not appear concerned at all with making money  Influence the direction of new technologies  Creating unique organizations  Personal enrichments □ Majorityare trying to max profits - EconomicFable: Political and economicsystem are not tied together ○ Three most commonare: capitalist, socialist and communist  In a capitalist system, individuals own the country's business □ People can buy shares of businesses □ Companies are available to purchase and own  In a s
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