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ECN212 Week 01 Note

by: Phoebe Chang

ECN212 Week 01 Note ECN 212

Marketplace > Business > ECN 212 > ECN212 Week 01 Note
Phoebe Chang
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About this Document

Introduction- The Economic Approach (Social Science) ** If you would like an original pdf file, please contact me via my email **
William Foster
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This 3 page Class Notes was uploaded by Phoebe Chang on Friday January 15, 2016. The Class Notes belongs to ECN 212 at a university taught by William Foster in Spring 2016. Since its upload, it has received 96 views.

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Date Created: 01/15/16
ECN212 SpringSEMESTER2016 Professor:Dr.WilliamFoster EliteNotetaker:Phoebe( 1. Microeconomic Focus (Personal) ○ Motives matter ■ Incentives changes people’s behavior ■ Study of people, social situation ○ Good institutions align self interest with social interest ○ Trade-offs are everywhere ■ Opportunity cost ○ Thinking on the margin ■ Margin cost and benefit to make decisions ○ Trading power ■ Both sides win, happier due to the trade 2. Macroeconomic Focus (Social) ○ The importance of wealth and economic growth ○ Society / Governmental driven ○ Economic booms and busts will happen but can be moderated ○ More money printing = Increase of prices ○ Hard to plan economy (central planning) 3. Story Telling ○ 1787: Australia = penal colony ■ People dying on the boat ■ Being paid afterwards then before the ship started ■ Surviving rate gone up to 100% ■ Move the cheese instead of the mouse 1 4. Gas Price Demand Curve ○ Incentive = price/ time / effort / what you desire or care the most ○ The higher the price is, the lower the demand is (slope down) ○ Price is infinite = item doesn’t exist 5. Scarcity ○ Short in supply to satisfy all desires at zero price ○ Therefore we need tomake choices / buy for things / sacrifice for alternative ○ Item is scare = desire to get it at zero price = Goods ■ Air = No ● Pay tax to maintain the breathable pay ■ Garbage/Pollution/Smog/Noise = No ● Pay to get rid of the bads 6. Rationing ○ Market System = pay the most gets it = pricing ■ Interaction between people = buyers / sellers = contains information ■ What/How/For Whom will goods be produced? ■ Capitalism- trades and industries controlled by private owners for profit, not state yet resolves the basic economic problems ○ Economize = gaining the most with least cost ■ Seller sell for more than the product’s value ■ Buyers buy when the product’s value is lower ■ Value to seller < Price < Value to buyer ○ Rational Behavior ■ Making choices that is best for the market participants own interest 7. Poverty ○ The button 20% of the society ○ No poverty = basic needs met ○ No scarcity = all desires are met ○ The nowadays society is wealthier than before ○ Thus there will always be poverty and scarcity 2 8. Values ○ Goods and services have different values by different people 9. Information might be helpful but it comes with a cost ○ Seat-belts / Air bags increase accident rate ○ Football players gets injured more often than Rugby players 10. Opportunity Cost ○ Alternative cost is important when the option is fixed ○ The lower the opportunity cost is the better (the les​ose)ou l ○ E.g. Left-handed catchers are more valuable as pitchers ○ Three types ■ Explicit cos​ can be transferred into money prices ■ Implicit cost— the opportunity cost ■ Economy cost​— explicit + implicit 3


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