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UH / Economics / ECON 2304 / How do people make decisions?

How do people make decisions?

How do people make decisions?

Description

School: University of Houston
Department: Economics
Course: Microeconomic Principles
Professor: Alexander
Term: Fall 2018
Tags: Microeconomic
Cost: Free
Name: Chapter 1- Microeco2304
Description: These notes are over chapter 1! This chapter talks about the ten principles of economics!
Uploaded: 09/05/2018
2 Pages 121 Views 57 Unlocks
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li:before{content:"- "}.lst-kix_fbk8hn7ze39l-1 > li:before{content:"- "}.lst-kix_fbk8hn7ze39l-3 > li:before{content:"- "}.lst-kix_fbk8hn7ze39l-7 > li:before{content:"- "}.lst-kix_ynugkimnheh1-5 > li:before{content:"■ "}.lst-kix_fbk8hn7ze39l-5 > li:before{content:"- "}.lst-kix_alaifwdjdtlh-8 > li:before{content:"- "}.lst-kix_ynugkimnheh1-3 > li:before{content:"● "}.lst-kix_alaifwdjdtlh-6 > li:before{content:"- "}.lst-kix_ynugkimnheh1-1 > li:before{content:"○ "}ul.lst-kix_2u9rghvd41u2-0{list-style-type:none}ul.lst-kix_2u9rghvd41u2-1{list-style-type:none}.lst-kix_fqsrzj25py39-4 > li:before{content:"○ "}ul.lst-kix_2u9rghvd41u2-2{list-style-type:none}ul.lst-kix_2u9rghvd41u2-3{list-style-type:none}ul.lst-kix_2u9rghvd41u2-4{list-style-type:none}ul.lst-kix_2u9rghvd41u2-5{list-style-type:none}.lst-kix_fqsrzj25py39-6 > li:before{content:"● 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li:before{content:"● "}.lst-kix_ynugkimnheh1-2 > li:before{content:"■ "}ul.lst-kix_qq1t1s211n78-8{list-style-type:none}.lst-kix_xcdk9arbm3wk-2 > li:before{content:"■ "}ul.lst-kix_qq1t1s211n78-7{list-style-type:none}.lst-kix_6h4kzkbbn0e5-8 > li:before{content:"- "}ul.lst-kix_qq1t1s211n78-2{list-style-type:none}.lst-kix_fqsrzj25py39-5 > li:before{content:"■ "}ul.lst-kix_qq1t1s211n78-1{list-style-type:none}ul.lst-kix_qq1t1s211n78-0{list-style-type:none}ul.lst-kix_qq1t1s211n78-6{list-style-type:none}ul.lst-kix_qq1t1s211n78-5{list-style-type:none}ul.lst-kix_qq1t1s211n78-4{list-style-type:none}ul.lst-kix_qq1t1s211n78-3{list-style-type:none}

Chapter 1 : 10 principles of economics We also discuss several other topics like What is the focus of holism?

How people make decisions

  • Principle: People face trade offs
  • One classical trade-off is between “guns and butter”
  • The more societies spend on national defense (guns) To protect its source from foreign aggressions, The less spended on consumer goods (butter) to raise the standard of living at home.
  • Efficiency : Society getting maximum benefits from it's scarce resources
  • Equality : Benefits are distributed uniformly among society members
  • Efficiency  Size of economic pie
  • Equality pie divided into individual slices

  • Principle 2: The cost of something is what you give up to get it
  • Since people face trade-offs, making decision requires comparing the costs and benefits of alternatives of actions
  • Opportunity cost: What you give up to get speared item

  • Principle 3: rational people think at the margin
  • rational people: Who systematically and purposefully do the best they can to achieve their objectives , given the available opportunities.
  • Rational people know decisions in life are rarely black and white but also gray.
  • Marginal change: a small incremental adjustment to an existing plan of action.

                Margin  “edge”  Adjustment around the edge of what you do

  • rational people make decision by comparing marginal benefits and marginal costs
  • Take action only if marginal benefit of the action exceeds the marginal cost

  • Principle 4: People respond to incentives
  • Incentive: a punishment or reward that includes a person to act
  • Incentives are key to analyze how market work
  • Many policies change the cost of benefits that people face and as a result, Alter their behavior
  • When analyzing any policy we must consider not only the direct effect but also the less obvious indirect effects that work through incentives
  • If policy changes incentives, people alter their behavior

Don't forget about the age old question of Is buying a home with a land contract practically safe?
We also discuss several other topics like What are the components of bulk transport?

If you want to learn more check out What is used to discriminate between ‘self’ and ‘non­self’?
We also discuss several other topics like What are the properties of restriction enzymes?
If you want to learn more check out What is the simplest organic compound?

                How people interact

  • Principle 5: Trade can make everyone better off
  • Trade between countries can make each country
  • Trade allows each person to specialize in activities they do best
  • By trading with others people can buy a greater variety of good and services  at lower cost

  • Principle 6: Markets are usually a good way to organize economic activity
  • Market economy decisions of a central planner are replaced by decisions of millions of firms and households .
  • Firms  decide who to hire and what to make
  • Households decide Search firm to work for and what to buy with their income
  • In market economy no one looks out for economic well-being of society as a whole
  • Households and firms interacting in market at as if they are guided by an individual hand that lead them to desirable market outcomes
  • Prices are instruments the individual hand direct economic activity
  • When the government prevents prices from adjusting to supply and demand it independence the ability of i . h.the coordinate the  decision of the households and firms that make up economy
  • Principle 7: Government can sometimes improve market outcomes
  • Property rights the ability of an individual to own and exercise control over scarce resource
  • 2 Broad rationales for a government to intervene in the economy and chang allocation of resources that people would choose on their own
  • To promote efficiency and large pie
  • Remote equality / divided pie
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