ECON 203 Lecture Notes - Lecture 1: Stock Market, Tax Bracket, Underconsumption
Document Summary
Chapter 1: economics- study of wants in a world of scarce resources. Macroeconomics looks at a global scale, while microeconomics looks at a more local scale: mixed economy is best. It is important to be able to make your own decisions, such as in a free market economy, and it is nice to have the government take care of some things, like in a command economy. However, too much of either, especially command economy, is detrimental. Chapter 2: gdp counts the total market goods and services produced within a country in a given year. They can be key sources of conflict when property rights aren"t protected. They are important to the use of resources, because without them, civil war could evolve. Public debt affects private capital accumulation because less money is available for saving- it"s all going to pay off large amounts of debt.