UB ECO 181 - Final Exam Study Guide (73 pages)

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Final Exam Study Guide



Previewing pages 1, 2, 3, 4, 5, 34, 35, 36, 37, 38, 69, 70, 71, 72, 73 of actual document.

View the full content.
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Final Exam Study Guide

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Here is a Study Guide to help out for this upcoming Final Exam! Good Luck!


Pages:
73
Type:
Study Guide
School:
University at Buffalo, The State University of New York
Course:
Eco 181 - Intro to Macroeconomics
Intro to Macroeconomics Documents

Unformatted text preview:

ECO 181 1nd Edition Final Exam Study Guide Lectures 1 17 Chp 1 I Economics o Studies how society distributes and utilizes its scarce resources to its members in order to satisfy unlimited wants Resources o Anything used to produce goods and services o Four resources Labor human capital skills knowledge of labor Land natural Physical capital Capital people made goods and services used to make other goods and services Entrepreneurial ship Courage embodied in some workers that enables them to take risks to combine resources to produce goods and services What about money o Money is a medium of exchange but it is NOT a resource II Resources Resources are scarce when supply demand o Limited supply Land Labor Capital Entrepreneurship Limited resources and time o Unlimited demand Food Clothing Shelter Security Comfort Three basic questions that every society must answer o 1 What to produce Deals with how resources are allocated o 2 How Deals with production process o 3 For Whom Deals with distribution of goods and services Economy is the mechanism that allocates the scarce resources o o I Markets through price and wage adjustments II Government allocation Central planner o III Mixed Economies Both forms of allocation III Two Divisions of Economies I Microeconomics o Studies the individual components of an economy firms households and governments and how they interact II Macroeconomics o Studies the whole economy o Aggregate measures IV Three Steps of Macroeconomics I Understand the primary components of measuring the aggregate whole economy o Most important measure is GDP GDP measures income and production Unemployment inversely related to GDP Want low GDP and low inflation II Develop modes to understand how the economy works o Long run growth approx 3 2 each year annually over the last 100 years o SR fluctuations business cycle V Why cant we just study Microeconomics and apply it to the whole economy I The whole is greater than the sum of it s partso The combined effects



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