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i dont know. CHAPTER 1 3, 4, 7, 9, 11 CHAPTER 2Homework 1, 3, 6, 9, 11 CHAPTER
3 1,4,5,7,10,12,15 February 2, 2006 v Ch. 1 v Economics ...
Submitted by McHaloKiller on May 23, 2006
Category: American History
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CHAPTER 1 3, 4, 7, 9, 11
CHAPTER 2Homework 1, 3, 6, 9, 11
CHAPTER 3 1,4,5,7,10,12,15
February 2, 2006
v Ch. 1
v Economics: how to manage the scarcity of resources
Ø Scarcity: anything that has a price must be scarce (otherwise there won’t be a price; everything scarce; human nature is that we want more of everything because we don’t have enough, with the exception of contentment in Christ, not enough resources to produce goods and services)
§ Must make choices in order to maximize your resources
Ø Shortage: willing to pay the price but there are not enough produced
v Two parts of economics (based on individual behavior “Rational Self Interest;” maximize level of satisfaction; opportunity costs not always measured in monetary form, such as going to college instead of full time college)
Ø Microeconomics: Individual units examined
Ø Macroeconomics: Economy as a whole
v Make decisions as a whole on the margin with small increments; cost and benefit analysis; exploit opportunities to make yourself better and act on your benefit
v Economy works with the interaction of individuals and the country gains by trade
Ø Value goods differently (can specialize in one thing that you are more efficient at and can trade)
Ø This interaction will allow the markets moving to an equilibrium (a balance, meaning that you done want to do anything different because you are “happy;” it is automatic, and it doesn’t happen when the government gets involved)
Ø Leaving the market alone means that resources will be allocated efficiency (100% efficiency in the economy means that no one is upset over their jobs and such)
Ø Equitable Distribution goes against efficiency
v Why bad markets happen to good people
Ø Apparently need government direction at times (load of bull)
v Ch. 2
v Economic models: Ways of presenting complicated...
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