Chapter 1 Economics Defined Please      updated 3/6/7 I. Basic Terms  1 video   II. Economic Models 1 Video    II. United States Economic Goals  1 Video IV. Economic Disciplines  4 Videos  V. Why Economist Disagree Video   VI. Sundry Materials 2 Videos Math Review short math review of basic dynamic for economics from R. L. Reynolds, Boise State Macro Review video 11 min is for those taking a comprehensive exam. Current Economic Discussion Issues       Free Economics Books
 I. Basic Terms        A. Economy is the social science concerned with the use of scarce resources            like land and labor to fulfill unlimited human.       B. Resources are the inputs, want satisfaction is the output        C. Key Concepts for understanding and analysis          1. Scarcity of resources results in the need for choices by participants.          2. Purposeful behavior by participants (buyers and sellers) is exhibited              to enhance their own rational self interest.          3. Marginal analysis where the change in benefit received is balanced with              the change in cost is a common purposeful behavior.          4. Fallacy of composition: applying to the whole that which is true for a part              without adequate proof. 1 and 3 are odd numbers, so four is odd number.              This fallacy is the basis of police profiling.          5. Fallacy of division: This is the assumption that if something is true for the              whole then it must be true for its parts. The absolutely worst abuse here               involves inferring from an average that all elements are average.          6. Post hoc fallacy: Assumption that correlation proves causation.                This is related to the concept in law of circumstantial evidence.          7. Cum Hoc Fallacy :simultaneous correlations while post hoc refers              to sequential correlations.       D. Economic methodology           1. Positive economics               a. What something is               b. Objective, can be measured              c. Example: measuring disposable personal income which is an                   individual's salary after taxes              d. A Theorem on the Methodology of  Positive Economics          2. Normative economics              a. What something ought to be               b. Subjective, difficult to measure               c. Requires value judgments by citizens, Political Action Committees (PAC's),                  politicians, economists, etc.              d. Examples: should the minimum wage be increased, should defense spending                  increase and social spending be lowered          3. Descriptive economics              a. Looking at the real-world to develop Economic Theory              b. Economic Theory                  1. Generalizations concerning economic behavior based upon real-world                      observations, empirical by nature                  2. Economic theories are objective "positive economics"                  3. Assumes behavior is rational and economic (self-serving)                  4. Example: as the price of a product increases, consumers tend to buy less              c. Economic Policy                  1. Application of economic theory to solve economic problems                  2. Economic policies are subjective, "normative economics".                  3. How society makes economic choices such as in the 1980's when                      a. spending for the elderly (Social Security) increased                       b. spending for children (Head Start) decreased 1234 Unit I. Review Economics, Resources, Scarcity, Rational Self Interest,  Marginal Analysis, Fallacy of Composition, Fallacy of Division, Post Hoc Fallacy, Cum Hoc Fallacy Politics or Political Economy is a battle between Positive Economics and Normative economics which ends with economic policy. Opinions on political economy questions like those depicted here and by 2016 Election Issues in One-Page. II. Economic Models        A. Definition            1. Simplified generalizations to represent of real-world economic activity            2. Requires Ceteris Paribus: Latin for holding other economic variables constant                See Ceteris Paribus Trap        B. Designing Models            1. Models may be quantities or qualitative            2. Economic Models 3 minute video            3. Three Pitfalls to model analysis                 a. Restrictive, unrealistic assumptions                 b. Omitted details                  c. Are economic models falsifiable?           4. Model representations are not always correct                a.                c. Models such as the Production Possibility Curve chapter 2 and supply                    and demand, chapter 3, explained in the next chapter provide a simplified                    description of how some aspect of an economy works.                d. Beware of economic textbooks 11/30/14 Unit II. Review Simplified generalizations represents real-world economic activity  requiring Ceteris Paribus or holding other economic variables constant  III. United States Economic Goals       A. Employment Act of 1946 set goals in response to a            Soviet 5-year economic plans.       B. Humphrey Hawkins Act of 1978 added goals.           1. Economic growth           2. Full employment of all economic resources           3. Price stability (low inflation)           4. Positive balance of payments (international flow of dollars)           5. Economic freedom           6. Equitable distribution of income           7. Economic security (if you have A through F, you have G)      C. 2016 Economic Report of the President gives the President's annual           view on our achieving these goals. Video 1 hr. 27 min. on 2014 report Please  Unit III. Review Economic growth, Full employment of all economic resources, Price stability (reasonable inflation), Positive balance of payments, Economic freedom, Equitable distribution of income Economic security Other Stuff Economics Video Lectures, History of Capitalism Videos from Cornell X One-Page Chapter Review Macro Test Review 1,  Macro Test Review 2,  Macro Test Review 3, Micro Test Review 1, Micro Test Review 2,   Micro Test Review 3 Economic Policies have improved TV's, made them a necessity, even on a phone. Is your watch next? As a kid in the 1950's we didn't have a TV so I only saw one when I visited my cousin. Eventually my dad realized they wouldn't destroy education and we got a 12 inch set.
 Macroeconomics1 is the study of  total economic activity. Microeconomics2   is the study of individual segments  of the economy. Macro and Micro are  Applied as Follows Sources of Current Economic Information Macro Activity Micro Activity Schools of Economic Thought  and Methodology 2016 Economic Trends Cleveland FED 1. Inflation rate 1. A product's price Econometricians Economicpopulist.org/ Articles, Videos 2. Economic growth 2. Pollution Behavioral Economists Behavioral- Economics 3 min Behavioral Economics? 4 min Regional Economist and Economic Synopses FRED down load FED data St. Louis FED 3. Total employment 3. Poverty International Economics Library of Economic Liberty Much Stuff 4. The  business cycle 4. A competitive market Labor Economics Center for Economic and Policy Research ACDC Introduction to Macro 1:38 Video What is Microeconomics 1:54 Video Public Economics U.S. Political Economy one-page on varied topics 1  Wiki explanation is extensive, for now, the first few paragraphs are sufficient. 2 Wiki explanation is extensive, for now, the first paragraph is sufficient. Financial Economics textbooksfree.org/ much free stuff

Unit 4 Review Macroeconomics: Employment, Growth, Inflation, Cycles, Microeconomics: A products price, pollution, poverty, market types,

 V. Why Economist Disagree? 1 hour 8 minutes video VI. Sundry Materials           A. Economics Glossary from Amosweb        B. Video Review 9.08 Video       C. Outside Reading           1. Is economics a science?           2. Economics is more like history than physics           3. Hopium economics           4. Can Economics Be Ethical?       D. The History of Economics 9 minute Video Adam Smith, David Ricardo,           John Stuart Mill, William Stanley Jevons, Alfred Marshall and           Lord John Maynard Keynes are considered.        E. The Assent of Money: A Financial History of World 4 hour Video       F. Economists Do It With Models is an interesting blog       G. Quick History of Economics H. Building America's Democratic Federalist Republic     1. The Early Colonial Period     2. Determining Political Power and "We the People"     3. Increasing We" of "We the People"     4. Thomas Jefferson Leader of the Opposition     5. Constitutional History of Our Democratic Federalist Republic     6. Capitalistic Democracy Profitable Government One page of basics. Our Democratic Federalist Capitalist Republic See Chapter 3 for Characteristics of Market System Capitalism and Political Economy
 Chapter 1 Class  Discussion Questions Our Free Internet Libraries   improve grades  and careers. Chapter 1 Homework Questions Next Chapter   Economizing Scarce Resources