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CHAPTER 2Homework 1, 3, 6, 9, 11

CHAPTER 3 1,4,5,7,10,12,15

February 2, 2006

v Ch. 1

v Economics: how to manage the scarcity of resources

O Scarcity: anything that has a price must be scarce (otherwise there won't be a price; everything scarce; human nature is that we want more of everything because we don't have enough, with the exception of contentment in Christ, not enough resources to produce goods and services)

§ Must make choices in order to maximize your resources

O Shortage: willing to pay the price but there are not enough produced

v Two parts of economics (based on individual behavior "Rational Self Interest;" maximize level of satisfaction; opportunity costs not always measured in monetary form, such as going to college instead of full time college)

O Microeconomics: Individual units examined

O Macroeconomics: Economy as a whole

v Make decisions as a whole on the margin with small increments; cost and benefit analysis; exploit opportunities to make yourself better and act on your benefit

v Economy works with the interaction of individuals and the country gains by trade

O Value goods differently (can specialize in one thing that you are more efficient at and can trade)

O This interaction will allow the markets moving to an equilibrium (a balance, meaning that you done want to do anything different because you are "happy;" it is automatic, and it doesn't happen when the government gets involved)

O Leaving the market alone means that resources will be allocated efficiency (100% efficiency in the economy means that no one is upset over their jobs and such)

O Equitable Distribution goes against efficiency

v Why bad markets happen to good people

O Apparently need government direction at times (load of bull)

v Ch...

CHAPTER 2Homework 1, 3, 6, 9, 11

CHAPTER 3 1,4,5,7,10,12,15

February 2, 2006

v Ch. 1

v Economics: how to manage the scarcity of resources

O Scarcity: anything that has a price must be scarce (otherwise there won't be a price; everything scarce; human nature is that we want more of everything because we don't have enough, with the exception of contentment in Christ, not enough resources to produce goods and services)

§ Must make choices in order to maximize your resources

O Shortage: willing to pay the price but there are not enough produced

v Two parts of economics (based on individual behavior "Rational Self Interest;" maximize level of satisfaction; opportunity costs not always measured in monetary form, such as going to college instead of full time college)

O Microeconomics: Individual units examined

O Macroeconomics: Economy as a whole

v Make decisions as a whole on the margin with small increments; cost and benefit analysis; exploit opportunities to make yourself better and act on your benefit

v Economy works with the interaction of individuals and the country gains by trade

O Value goods differently (can specialize in one thing that you are more efficient at and can trade)

O This interaction will allow the markets moving to an equilibrium (a balance, meaning that you done want to do anything different because you are "happy;" it is automatic, and it doesn't happen when the government gets involved)

O Leaving the market alone means that resources will be allocated efficiency (100% efficiency in the economy means that no one is upset over their jobs and such)

O Equitable Distribution goes against efficiency

v Why bad markets happen to good people

O Apparently need government direction at times (load of bull)

v Ch...

General points of the essay

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