Chpt 1

1(1)
 Economics

Need vs. Want-

Goods vs. Services

Scarcity vs. Shortage

Factors of production-  land, labor, capital

Physical vs. Human Capital

Entrepreneur-


1(2)
trade off

guns or butter

opportunity cost (best opportunity lost)

thinking at the margin (marginal analysis)


1(3)
production possibilities curve

production possibilities frontier

efficiency

underutilization

cost

law of increasing costs

Economics essential questions

How do rational individuals make choices? 

What is the role of the government in the economy?
How do politics and economics mix?
How do political parties reflect their views of the role of the government in the economy?
How do political races impact the economy?

Rank order the most important issues for society:
  Security, Prosperity, and Freedom

What is Economics?

Economic Concepts

  Scarcity
  opportunity costs
  production possibilites curve
  role of saftety nets
  3 economic questions
Traditional, Command, Market Economies

Microeconomics
Supply and Demand
Elasticity
Market Equilibrium and the role of prices
Perfect Competition
Monopoly 

Monopolistic Competition


Labor  and business organizations
Sole Proprietorships
Partnerships,
Corporations


Macroeconomics

Aggregate Supply and Aggregate demand
Fiscal Policy  

Government regulation and deregulation

Monetary Policy

The Role of the Federal Reserve

Economics class grading policy

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%


Bring a good attitude, a binder, and something to write with in class every day.  You will lose class participation points if you make the phone the center of your class.


You will have on average about an hour of homework each week.



I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday