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Economics

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Macroeconomics Notes for Chapters 1 & 2

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Macroeconomics Ch. 1 & 2 Notes Economics ? social science concerned w/ the efficient use of scarce resources to achieve maximum satisfaction of economic wants Rational self interest ? individuals pursue actions that give them the greatest satisfaction (cost & benefit) Marginal ? extra/additional Marginal analysis is used for every decision, each option includes marginal benefits and marginal costs MB=MC (okay) MB>MC (good) MB

Macroeconomics Equations

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Formulas for Macroeconomics GDP = C+Ig+G+Xn NDP = GDP ? consumption of fixed capital = GDP - depreciation NI = NDP ? Net foreign factor income earned ? indirect business taxes PI = NI ? SS Contributions ? corporate income taxes ? undist. corporate profit + transfer payments DI = PI ? personal taxes = consumption + savings Price Index Nominal GDP/real GDP Inflation rate (Index 2 ? Index 1)/Index 1 Real GDP Nominal GDP/Price Index Unemployment Rate (Unemployed/Labor force)*100 Okun?s Law For every 1% point actual unemployment rate exceeds natural rate, GDP gap of 2% occurs. Real Income Nominal income/Price index APC Consumption/income APS Saving/income MPC Change in consumption/change in income MPS Change in saving/change in income

Formulas for Macroeconomics

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Formulas for Macroeconomics GDP = C+Ig+G+Xn NDP = GDP ? consumption of fixed capital = GDP - depreciation NI = NDP ? Net foreign factor income earned ? indirect business taxes PI = NI ? SS Contributions ? corporate income taxes ? undist. corporate profit + transfer payments DI = PI ? personal taxes = consumption + savings Price Index Nominal GDP/real GDP Inflation rate (Index 2 ? Index 1)/Index 1 Real GDP Nominal GDP/Price Index Unemployment Rate (Unemployed/Labor force)*100 Okun?s Law For every 1% point actual unemployment rate exceeds natural rate, GDP gap of 2% occurs. Real Income Nominal income/Price index APC Consumption/income APS Saving/income MPC Change in consumption/change in income MPS Change in saving/change in income

Sample Econ Essay

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Adam Wathen Owensboro City Council: Increasing Spending on K-14 Education While comparing proposals for the betterment of Owensboro, it is clear that increasing spending on K-14 education would prove the most beneficial. A small increase in taxes will not hold any major costs to members of the community, and any minor costs are certainly outweighed by the benefits of enhancing school programs. I believe it is in the council?s best interest to hear my speech, as it should reveal the clear advantages involved when increasing spending on K-14 education.

Economics Vocab

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1. Microeconomics Basically, microeconomics is a branch, or division, of economics that studies the behavior of how the modern households and firms make decisions to distribute and allocate their limited resources. Examples: Two examples are a particular industry or the demand of a single product. 2. Macroeconomics Macroeconomics is another branch, or division, of economics. It deals with the performance, structure, behavior, and decision-making of the whole economy, instead of a singular thing. Examples: Two examples are how the Gross Domestic Product is affected by changes in unemployment, and national income. 3. Scarcity Scarcity is the economic problem of having people who have wants and needs, but have a limited amount of resources to do anything about it.

Economics Overview

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Economics Overview I. The Foundation: 1. Economics is a social system that fulfills basic human needs Family: basic needs Education and Religion: ideals and social values Politics: rule enforcement Economics: a way to examine the goods and services of a society 2. There are four fundamental tenets of economics: Figure out how to allocate scarce resources Determine how to allot goods and services among the people Figure out how to ensure economic stability and security Determine how to guarantee economic growth 3. Society must choose what, how, and for whom to produce 4. Basic Economic terminology Markets: the place where people can come together to exchange goods Marginal costs: the cost of producing supplementary parts of a good

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