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macroeconomics notes

Day 1

3/2/15

limited resources, unlimited wants (how we allocate)


how do we use: time and money
maximize utility, most satisfaction out of the good
opportunity cost - next best alternative, giving up one good for another
EX: if i buy mac n cheese -2$, I give up 2 snicker bars (1$ each)
cost me$2 & 2 snicker bars
No such thing as a free good
you give up time
Scarcity- the problem with limited resources
production possibilities- what is possible to produce
capital goods - factories, cranes/bulldozers for companies (technology)
consumer goods - goods, services on a daily basis. A car/groceries/ clothes

full capacity = 95% utilizing, 5% unemployment

Law of increasing opportunity cost - Additional costs. as we produce more of one good, we
incur more costs.
Buy new grill, if i want to make more burgers
Efficient B,D,C. Anything on the curve ( full capacity)
anything inside the curve- inefficient, (A) not utilizing resources (max)
overextending, a little outside the curve. a Boom
point X is not possible right now
capital goods (y-axis), consumer goods (x-axis)

macroeconomics notes

Day 1

3/2/15

macroeconomics notes

Day 2

3/3/15

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