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 1020 Class Notes Week 1

by: Alexandra Tilton

ECON 1020 Class Notes Week 1 ECON 1020

Marketplace > University of Denver > Economcs > ECON 1020 > ECON 1020 Class Notes Week 1
Alexandra Tilton
GPA 4.0
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 Introduction to Micro- and Macroeconomics I: History and Theories

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Introduction to Micro- and Macroeconomics I: History and Theories 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

Here are the class notes from week one of ECON 1020!
Introduction to Micro- and Macroeconomics I: History and Theories
Dr. Paula Cole
Class Notes
Economics, history, theories, Microeconomics, Macroeconomics, Opportunity Cost




Popular in Introduction to Micro- and Macroeconomics I: History and Theories

Popular in Economcs

This 4 page Class Notes was uploaded by Alexandra Tilton on Sunday January 10, 2016. The Class Notes belongs to ECON 1020 at University of Denver taught by Dr. Paula Cole in Summer 2015. Since its upload, it has received 43 views. For similar materials see Introduction to Micro- and Macroeconomics I: History and Theories in Economcs at University of Denver.


Reviews for ECON 1020 Class Notes Week 1


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: 01/10/16
ECON 1020: Introduction to Micro- and Macroeconomics I : History and Theories Class Notes 1/7 Thinking Like An Economist • Famous economists: • Adam Smith • Karl Marx • John Maynard-Keynes • Janet Yellen • Joan Robinson Three Basic Economic Questions • Every society must decide how to use its scarce resources • What gets produced? • How it is produced? • Who gets it? • Allocated resources • Land - anything created by mother nature (land, air, water, natural resources) • Labor - thing that people produce • Capital - goods and services used to produce other goods and services • Example: DU needs land (for campus), labor (hired teachers), and capital (technology used for classes) The Scope of Economics • Microeconomics • The study of choices made by individual people, firms, industries and households Page▯ of ▯4 • Macroeconomics Looking at economic attributes as a whole • Neoclassical Economics • One of many schools of economic thought. Majority of economists subscribe to this perspective. Often referred to as “mainstream” economics” • Neoclassical Definition of Economics • Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations • Assumes that resources are scarce • Key Components of Neoclassical Economics • Opportunity Cost: the best alternative that we forgo when we make a decision • Choice Set: the collective set of choices you could have made in lieu of the one you did • Marginalism: the process of analysing the additional or incremental costs or benefits arising from a choice • Example: thinking about having just one more cup of coffee rather than thinking of having an entire pot of coffee • Efficient Market: a market in which profit opportunities are eliminated almost instantaneously • Example: if a firm sees an opportunity to produce a good for a large profit, other firms will quickly come into that market to also make money In-Class Practice • What is a decision you made in the past month and what is the opportunity cost of your choice? • Travelling to see family cost money and also took away time that I could have spent seeing family here in Denver Page▯ of ▯4 Positive Economics • An approach to economics that • Seeks to understand behaviour and operation of systems • Does this without making judgements • Describes what exists and how it works • Uses positive statements • Example: The U.S. national minimum wage is $7.25 • It is the dominant approach in neoclassical economics • Viewed as scientific - difficult for economics to be very scientific, because it deals with people who can be unpredictable • Lends itself well to the discussion of efficiency Normative Economics • An approach to economics that • Analyses outcomes of economic behaviour • evaluates them as good or bad • may prescribe courses of action • Requires a value judgement • Example: It should be snowing/The minimum wage ought to be $10.00 an hour • Political Economists argue that economics is a social science so it is impossible to avoid making value judgements. • They think that there should be an open dialogue about the role of value judgements in the discipline • Economists are people studying the behaviour of people Political Economy • Political Economy: concerned with the relationships of the economics system and its institutions to the rest of society and social development • Seeks to understand behaviour and operation of systems Page▯ of ▯4 The Four C’s of Political Economics • Context: The history and institutions that shape and constrain behaviour • Collective Behaviour: Actions resulting from group influence or membership • Conflicting Interest: One group gains at the expense of another if group goals are met (i.e. one person gets a job, the other does not get that job) • Change: Instability created by conflicting interests Neoclassical Economic Model Circular Flow Diagram Page▯ of ▯4


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."

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."

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.