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UTA - econ 2306 - micro economics week 1 in class notes - Class Notes

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UTA - econ 2306 - micro economics week 1 in class notes - Class Notes

School: University of Texas at Arlington
Department: OTHER
Course: Principles of Microeconomics
Professor: Sneha Bakshi
Term: Spring 2017
Tags: Microeconomic
Name: micro economics week 1 in class notes
Description: these notes go over what was discussed in class such as the types of economies
Uploaded: 01/20/2017
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background image Micro-Economics Week 1 notes Trade offs say that you must choose one over the other o You cant have everything. You have to give up something to get  something else Opportunity cost: the value of whatever you’re giving up in order to get 
something else; i.e. the cost of the best available alternative
Economic cost = opportunity cost Example: Homemaker vs. Working woman o If she is a homemaker, her opportunity cost is the income she would  make as a working woman o If she is a working woman, her opportunity cost is the time she would  spend doing chores and making sure everything is in order at home Classifications of Economics o Microeconomics: this is the study of people, individuals or households,  and how they come together in a market setting o Macro-economics: the study of the economy as a whole such as  inflation, unemployment, study of growth, etc. Positive economics are more descriptive Normative Economics are more opinion based Three different types of economies o Market or free market economy: gives individuals free will to make  their own choices o Command-control economy; the govt. controls the individuals  (example is China) o Mixed economy: most countries are a mixed economy Economics as a science o Theory and hypothesis
o Collects data
o Experiments: can be either in field or in laboratory 
o Uses simplifying assumptions
Everything else remaining the same: “cetesis posibvy” Rationality Marginal thinking Respond to incentives 

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School: University of Texas at Arlington
Department: OTHER
Course: Principles of Microeconomics
Professor: Sneha Bakshi
Term: Spring 2017
Tags: Microeconomic
Name: micro economics week 1 in class notes
Description: these notes go over what was discussed in class such as the types of economies
Uploaded: 01/20/2017
1 Pages 32 Views 25 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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