Log in
HomeTextbook Notes300,000US110,000

01:220:102 Chapter Notes - Chapter 1: Macroeconomics, Rush Hour, Empiricism

15 views7 pages
School
Rutgers University
Department
Economic
Course
01:220:102
Professor
D.Okada

For unlimited access to Textbook Notes, a Class+ subscription is required.

chrisfive2005 and 37653 others unlocked
01:220:102 Full Course Notes
57
01:220:102 Full Course Notes
Verified Note
57 documents

Document Summary

Chapter 1: the principles and practice of economics. Facebook doesn"t charge money but the time spent on it could be used in a more effective way. Economic view: find best alternative use of the time on facebook, the cost of it. Economists study choices people make, especially the costs and benefits of those choices. Economics is the study of people"s choices. The first principle of economics is that people try to optimize: try to choose the best available option. The second principle of economics is that economic systems tend to be in equilibrium, a situation in which nobody would benefit by changing his or her own behavior. The third principle of economics is empiricism - analysis that uses data. Economists use data to test theories and to determine what is causing things to happen in the world. Choice - not money - is the unifying feature of all the things that economists study. All human behavior are outcome of choices.

Get access

Grade+
$40 USD/m
Billed monthly
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Class+
$30 USD/m
Billed monthly
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
7 Verified Answers

Related Questions

PLEASE ANSWER WITH OVER 300 WORDS.

Let's take a moment to discuss what may likely happen to the currently biggest social media sites such as Facebook, YouTube, Pinterest, and Twitter.

If we can think back to how TV started in the early 1950s. At first, there were only 3 stations available in each market (ABC, CBS and NBC) and they dominated for quite some time. Then entered Cable TV, which had only been in the rural areas, making its appearance in major markets across the nation. Follow that with the rise of more and more cable stations resulting in consumers having a choice of over 200 stations to view. Today, with the availability of streaming video, no station has more than a 5% share of the audience.

Do you think that Facebook, with over 1 billion users, will eventually face the same market share? Why?

Assignment 8 (9 on the syllabus) - The transmission mechanism: linking aggregate expenditures and money

Please complete the following questions at the end of chapter 27 in the text (I have included the beginning of each question to help you identify the problem:

#3. "During the third quarter of 1997, Japanese GDP . . . . "
#6. "Occasionally, The Federal Open Market Committee (FOMC) set s policy designed . . . "
#7. "Paranoia, the largest country in central Antarctica . . . ."

Principles of Economics, Tenth Edition, Case, Fair, Oster

Please Note Textbook Solutions only goes to Chapter 21, So I can not post it there.

Hi,

I would like to ask a question in Chapter 27 - Aggregate Demand in the Goods and Money Markets., Principles of Economics, Case, Fair, Oster, 10th edition

14. Explain the effect, if any, that each of the following occurrences should have on the aggregate demand curve.

- The Fed lowers the discount rate.

- The price level decreases.

- The federal government increases federal income tax rates in an effort to reduce the federal deficit.

- Pessimistic firms decrease investment spending.

- The inflation rate falls by 3 percent.

- The federal government increases purchases to stimulate the economy.

Thank you