ECN 203 1nd Edition Lecture 35 Outline of Last Lecture II Free Trade Issues a Globalization vs Anti Globalization Outline of Current Lecture III Conclusion of Micro and Macro Current Lecture Lecture 4 22 15 Micro o Began with Robert Frost The Road Not Taken poem o Introduced and maintained our nice assumptions Nice Assumptions Individuals Maximize utility are rational have preferences and face diminishing marginal utility and eventually diminishing marginal productivity EPV o E Risk Perception P Time Discounting V Preferences and Productivity o Individuals in the interdependent world division of labor and markets o The Market when it s at General Competitive Equilibrium Efficiency Pareto Optimal Distribution distribution of the output depends on the distribution of the initial endowment Macro o Y v Yf o Types of unemployment These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Structural frictional natural rate Demand deficient is bad o The Macro Picture Graph o Shift Variables o C A b PY C Consumption I Investment G T Gov t Budget Position X M Trade Balance Consumption function
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