Class notes

Macroeconomics (ECO 2610) Class Notes

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Course
ECO 2610

Institution
Oakland Community College

- in depth class notes from my macroeconomics class ranging from; - intro to econ - demand, supply, equilibrium - changes in equilibrium & simplified circular flow model - gross domestic product - real gross domestic product & business cycle - unemployment rate - rate of inflation - aggrega...

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Uploaded on September 9, 2024
Number of pages 21
Written in 2024/2025
Type Class notes
Professor(s) Meena kondapi
Contains All classes

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, Principles of Macroeconomics

WEEK 01 OUTLINES
watch introduction video
Mon read and take notes from ppt lectures

Tue watch and take notes from video lectures

wed post in the discussion and respond

Thur complete activities and homework

fri take the quiz
big small
Topic 01: Introduction to macro & micro economic t
2 branches of economic
EconomIcs
2 kinds of economic analysis: p

economics
the study of how people use their limited f
resources to produce, exchange, and share macro: wide phenomena

resources Differences between mac
angthing that can be produced into something topic Macro
4 types of resources Factors of Production production gross domestic pro
land or natural resources prices rate inflation
labor employment rate unemployme
capital Income national income
entrepreneurship

Consumer sovereignty
scarcity & choices freedom of consumers to det

our wants exceeds what is available effects the economy through p
scarcity → choices → opportunity cost

Economic models
opportunity cost concept economic abstractions of t
value of the next best alternative resource economists use this
loss can be graphically, pictorially,
formula: Opportunity cost =
gain ex: ceteris paribus

3 economic decisions making Ceteris Paribus (latin phr
1. What to produce? demand "everything else held constant"

, WEEK 02 OUTLINES Market Demand VS Individ
watch introduction video
Mon
read and take notes from ppt lectures individual individu
Tue watch and take notes from video lectures

wed post in the discussion and respond

Thur complete activities and homework

fri take the quiz

Topic 02: demand, supply,
equilibrium
Markets and competition
market competitive perfectly The Market Demand Curve
market competitive
- buyers - too many sellers; - each is a d
and there's competition price taker
sellers - little to no influence

on market price

Demand
quantity demand
amount of goods a buyer is willing to buy
in a demand schedule, it is sum of quantities Demand Curve Shifters
demanded by buyers at each price factors that determine buye
law of demand other than price
the cheaper the good, the higher the demand shifts the "D” curve
the expensive the good, the lower the demand 1. # of buyers

the downward sloping curve reflect the law 2. income
of demand 3. prices of related good

Demand Schedule & Curve Example # of buyers

income
increase in income increase

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