Summary ECON 112 (econ112): notes from students and slides from the teacher, provide practice and answers, with definition, glossary, explanation
Bundle: Principles of Macroeconomics, ISBN: 8992 ECON 112 (ECON112)
,Economics
Studies the ways that humans and societies organize
themselves to make choices about the use of scarce
resources , which are used to produce the goods and
services necessary to satisfy human wants and needs
Scarce =
limited
↳ human wants / needs
which are used to produce goods 1 services
output
input
COmmc
?⃝
,Macroeconomic
3
goals
-
:
+ Economic growth
+
Price
, Production Possibilities Moder
to move along
Good 41 . In order we have
some
to
good Y
carfice
good ✗
get
→
cioodx
to the right , economic growth
Red line -
Shift
produce
more
more resources,
↳
more
Eco growth → tech advance ,
✓ resources
resource ,
tech
don't have
→
e
→,
•
Good •
Y maximum output ( get the most production)
↑
1-
•
E
Outside the curve -
it's not sustainable
Good ✗
doesn't last
long
Inside the curve -
unemployment
Un
efficient
unemployment
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