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Material Type: Notes; Class: Economics of Energy, Resources and Environment; Subject: Economics; University: Central Washington University; Term: Unknown 2000;
Typology: Study notes
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Nikishna Myron 9/21/ ECON 462 Notes 1. Course Overview John Maynard Canes – British Economist Macroeconomics “Economic Theory – is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conculusions. -- John Maynard Keynes, emphasis added Choice under scarcity o Clean water o Clean air o Fuel, etc
Economics – The study of how people & society choose to employ scarce productive resources to produce goods & services and distribute them among various persons and groups. The science of the allocation of scarce resources to competing ends/agents. Key terms – Scarce / Scarcity – constrained non-satiation Resources – land (minerals, trees, fish, water, air), labor, capital (input to production), time Goods physical Services non-physical Provides Utility Happiness