Elementary Economics Documents

Showing 1 to 30 of 98

ECON 1 Problem Set 5 Answer Key
Problem 1: Ch. 18 #2
a) Investment, because it is business spending for the purchase of physical capital.
b) Consumption, because it is a purchase by an individual.
c) Consumption, because the items of the new kitchen are p

11/10: NOTE: 2 PROBLEMS REMOVED FROM P/SET (old #5 and old #7)
Problem Set 7
Econ 1
Due: Start of TA section, Nov 13/14 2014
This assignment is due at the beginning of your discussion section on Thursday, No

Problem Set 4
Econ 1
Due: Start of TA section, Oct 23/24 2014
This assignment is due at the beginning of your discussion section on Thursday, October 23 or
Friday, October 24. Late homeworks will not be accepted. You are welcome to discuss
problem-solving

KEY CONCEPTS: MARKET EQUILIBRIUM
The
equilibrium price
and
equilibrium quantity determined by the
are
intersection of the supply curve and the demand curve. At this intersection
point, quantity supplied equals the quantity demanded there are no
the
shor

E C O N 1 AS S I G N M E N T 4
Student name _
Your answers are due before 1:00am on Tuesday, October 20 (that is, shortly
after Monday at midnight). If you submit your answers between 1:00am and
9:00am on Tuesday, October 20, you will lose 20% of the poin

KEY CONCEPTS: SUPPLY AND DEMAND
Demand a
is negative relationship
between the price of a good and the
quantity demanded by consumers. It can be shown graphically by a
downward-sloping demand curve.
It is very important to note what results in a ovement a

KEY TERMS: THE SUPPLY AND DEMAND MODEL
-DemandA relationship between price and quantity demanded.
:
-PriceThe amount of money or other goods that one must pay to obtain a
:
particular good.
-Quantity DemandedThe quantity of a good that people want to buy

KEY CONCEPTS: OBSERVING AND
EXPLAINING THE ECONOMY
The work of an economist includes
observation
(describing economic
events),
explanation
(identifying potential causes of the events) and policy
recommendations
(courses of action for government or busin

E C O N 1 AS S I G N M E N T 7
Student name _Anna Kirk_
Your answers are due before 1:00am on Tuesday, November 10 (that is,
shortly after Monday at midnight). If you submit your answers between
1:00am and 9:00am on Tuesday, November 10, you will lose 20%

E C O N 1 AS S I G N M E N T 6
Student name _Anna Kirk_
Your answers are due before 1:00am on Tuesday, November 3 (that is, shortly
after Monday at midnight). If you submit your answers between 1:00am and
9:00am on Tuesday, November 3, you will lose 20% o

E C O N 1 AS S I G N M E N T 8
Student name _Anna Kirk_
Your answers are due before 1:00am on Saturday, November 14 (that is,
shortly after Friday at midnight). If you submit your answers between 1:00am
and 9:00am on Saturday, November 14, you will lose 2

E C O N 1 AS S I G N M E N T 5
Student name _
Your answers are due before 1:00am on Tuesday, October 27 (that is, shortly
after Monday at midnight). If you submit your answers between 1:00am and
9:00am on Tuesday, October 27, you will lose 20% of the poin

E C O N 1 AS S I G N M E N T 1
Student name _
Your answers are due before 1:00am on Tuesday, September 29 (that is,
shortly after Monday at midnight). If you submit your answers between
1:00am and 9:00am on Tuesday, September 29, you will lose 20% of the

E C O N 1 AS S I G N M E N T 3
Student name _
Your answers are due before 1:00am on Tuesday, October 13 (that is, shortly
after Monday at midnight). If you submit your answers between 1:00am and
9:00am on Tuesday, October 13, you will lose 20% of the poin

E C O N 1 AS S I G N M E N T 2
Student name _Anna Kirk_
Your answers are due before 1:00am on Tuesday, October 6 (that is, shortly
after Monday at midnight). If you submit your answers between 1:00am and
9:00am on Tuesday, October 6, you will lose 20% of

Econ 1
11/10/2015
Keynesian and Neoclassical
perspec6ves
Chapters 25, 26, Appendix D
Plan for today
1. Understand how the economy adjusts in
the short run and the long run
2. Keynesian mul6plier
Chapter 25,