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Econ 102 week 1 notes

by: Eswhydee

Econ 102 week 1 notes ECON 102

Penn State
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Notes on the first week. Includes Tuesday and Thursday's Class. Includes, Important Economic Concepts, Market vs. Central Planning, and Economic Models
Introductory Microeconomic Analysis and Policy
Jared McEntaffer
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This 2 page Class Notes was uploaded by Eswhydee on Friday January 8, 2016. The Class Notes belongs to ECON 102 at Pennsylvania State University taught by Jared McEntaffer in Winter 2016. Since its upload, it has received 73 views. For similar materials see Introductory Microeconomic Analysis and Policy in Economcs at Pennsylvania State University.

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Date Created: 01/08/16
First Day Introductory Microeconomics Email: Twitter: @jaredmcentaffer Book appointments via Angel Office hours: M (1-5) T, TH (1-3) From South Dakota Economics is:  The study of purposeful decision making behavior by persons, firms, and governments.  The science of allocating scarce resources.  Crucial for understanding how persons, firms, and markets respond to external forces.  The single most important class you can take if you want to understand how humanity functions. First rule of economics is scarcity Scarcity= not enough. Scarce resources include education, paper, money, time. Whatever there is not enough of. Time is the ultimate scarce resource. There is never enough time. Important economic concepts  Rationality  Incentives  Marginalism Rationality: Subject not objective As an economist he thinks we know what we are doing, therefore we are rational. Irrational = Donald Trump Incentives matter! Incentives to buying a Prius= good for the earth, don’t have to get gas as much. Marginalism… the middle way is the better way. Economics teaches us the best thing you can do is somewhere in the middle. th January 14 , 2016 Fact: Desires are unlimited but resources are scarce. Questions: 1. What goods and services will be produced? 2. How will these goods and services be produced? 3. Who will receive the goods and services? These are 3 questions that every economy has. What to produce? How to produce? Who gets it? Market vs. Central Planning Market = people deciding what they want to spend their money on. Central Planning = the people that decides what to make, how many to make and what it costs Central Planning leads to not everyone being able to get the product Markets use prices to make decisions. Markets exploit incentives. They know what you need or what everyone wants and prices it. Economic Models  Simplified representation of reality  Depict “core” or “fundamental” relationships  Only as good as the assumptions they make *Watched Video: Gardening pt. 2 How to make everything: Sandwich*


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