New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Econ 1102, Week 1 Notes

by: Anisha Gonsalvez

Econ 1102, Week 1 Notes ECON 1102

Marketplace > Temple University > Economcs > ECON 1102 > Econ 1102 Week 1 Notes
Anisha Gonsalvez
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Microeconomic Principles

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Microeconomic Principles notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

These notes cover the main points of what was done in class
Microeconomic Principles
Class Notes
Microeconomics, Economics, Econ




Popular in Microeconomic Principles

Popular in Economcs

This 2 page Class Notes was uploaded by Anisha Gonsalvez on Thursday January 7, 2016. The Class Notes belongs to ECON 1102 at Temple University taught by Bognanno in Fall 2016. Since its upload, it has received 218 views. For similar materials see Microeconomic Principles in Economcs at Temple University.

Similar to ECON 1102 at Temple


Reviews for Econ 1102, Week 1 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/07/16
Jan 14 - 7 principles of economics  1) Everyone faces tradeoffs. You have to give up one thing to get another.  Some people don’t realize that when the government spends money on something it takes from the taxes or borrows it (it takes money off tax payers in the future). So there is always a tradeoff.  When they make new currency then inflation increases. The currency value lowers. Nothing is free, everything entails a tradeoff.  2) there is an opportunity cost which is what you give up to get another thing  What is the opportunity cost of going to college full-time?  - forgone earnings  - direct costs: tuition, books, fees  - leisure?, sleep?  Alternative earnings streams: A – going to college B – going to college from 18-22.  Earnings stream B, as the age increases is higher than earnings stream A.  If it is proven that earnings after college is higher than not going to college, the wage gap helps people decide whether or not going to college.  It also lowers unemployment if your value increases, so your pay goes up.  3) rational people think at the margin. How much to buy not whether or not to buy.  what is the marginal benefit of something or what is the marginal cost of doing something?  For example: if your favorite food was pizza and the price rose up by 25% you would generally eat it less.   MC = marginal cost = change in total cost / change in quantity = price  If the price of a slice is $2.50 then the marginal cost is MC.  MB = marginal benefit = benefit of an extra unit (slice)  Since the marginal cost is 3 and it is more than 2.50, it is beneficial to you. As the marginal benefit goes down and since it is under your marginal cost, you are more likely not to buy it. 2


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.