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Week 1 MicroEcon Notes

by: Maddie Evans

Week 1 MicroEcon Notes Econ 201

Marketplace > University of Oregon > Economcs > Econ 201 > Week 1 MicroEcon Notes
Maddie Evans
GPA 3.6

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About this Document

Hey everyone! Here are my notes for the first week of MicroEcon with Waddell. I will be posting weekly, as well as study guides for the exams and final.
Introduction to Microeconomics
Class Notes
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This 1 page Class Notes was uploaded by Maddie Evans on Wednesday January 13, 2016. The Class Notes belongs to Econ 201 at University of Oregon taught by Waddell in Winter 2016. Since its upload, it has received 51 views. For similar materials see Introduction to Microeconomics in Economcs at University of Oregon.


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Date Created: 01/13/16
Week One Lecture Notes – MicroEcon  Economics – theory doesn’t furnish a body of settled conclusions immediately applicable to policy; a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions  There is always a price for everything, whether in monetary value or in decision making  The study of how humans coordinate their wants  The study of how scarce resources are allocated amongst competing ends  Main fields in social science are anthopoloy, economics, political science, psychology, sociology  Economists must separate between what is desirable and what is positive (true or false)  Normative statements are those of opinion  No single people or group of people coordinate the economy or production of goods  5 Dimensions of Economic Reasoning o Economic Reasoning  Framework from where questions can be formulated/answered o Economic Terminology  Marginal cost, price controls, total revenue o Economic Insights  Generalizations about the workings of an abstract economy o Economic Institutions  Physical or mental structure that influences economic decisions o Economic Policy  Action taken to influence the incentives associated with certain behaviors  Socialism: based on individuals good will towards others, not their own self-interest  Feudalism: Traditions rule  Mercantilism: Government determines what is dispersed and to who  Capitalism: Private property and the market where individuals decide


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