Eivol Tech

In: Computers and Technology

Submitted By eivol
Words 285
Pages 2
Week 1

Scarcity( individuals, businesses (firms), gov

Unlimited wants, scarce resources to aquire those wants

Economics study of choices people make

Economic models – graphs

3 key economic ideas

1) People are “rational” ( weigh benefits vs cost

2) People respond to econimic incentives --- money, cars ect...

3) Decisions are made at the “margin” not “all or nothing” (optional)

Margin : means next or additional


Subjective (Your point of view.

Scarciy ( 3 Questions

1) What to produce? “Individules” Producers, Consumers, Gov

2) How much to produce?

Man vs machine

3) Who gets it?

Income Distrubution

Should the gov intervie???

(tax code)

Trade offs

Opportunity Cost

1. Job

2. Education

Micoeconimics VS Macroeconimics


• Small

• People/firms make decisions?

• How do they interact in markets?

• Gov try to interfere???


• Large

• Econimy as a whole

• World/International (orginations, trade

• Inflation

• Grouth

• Unemployment

Economic Systems (Gov)

Centrally planned

Gov decides how resources will be allocated.

Exmp: Soviet Union : Communism/Socialism

• Tough to produce @ lowest cost (bueracry)

• Low standard of living

• Political dictatorship

• Exmp Cuba & N. Korea

Market economies

• Interactions between buyers and sellers determine allocation

• “trend” towards high-income democracies

• Privatlly owned firms.

• Firms produce what consumers want, or else they go out of business

• Competition ( produce highest quality at lowest price.

• Encourages lowest cost MOP(method of production)


“Actually” high-income democracies

• Decisions made…...

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