University of Memphis
Popular in Intro to Microeconomics
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This 4 page Class Notes was uploaded by Cameron Martinez on Thursday January 21, 2016. The Class Notes belongs to Econ 2020 at University of Memphis taught by Dr. Campbell in Winter 2016. Since its upload, it has received 47 views. For similar materials see Intro to Microeconomics in Economcs at University of Memphis.
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Date Created: 01/21/16
Cameron Martinez January 21 2016 Intro to Microeconomics Campbell Notes: Review: Opportunity cost is the value of the thing you didn’t do over what you did do. (PPF) Production (for two goods or services-the most that we could make-over a period of time) Possibilities (brings to mind what could be the case) Frontier (implies an outer limit or a boundary) – You cannot produce any point above and to the right of the frontier. *There’s a graph* *I drew it with some stuff on it* -The maximum amount of two goods or services that a nation can produce over a period of time given available resources. -When there aren’t enough available resources, U.S. cannot produce the max amount of food and cloth... This is called Unattainable (when you lack sufficient resources and/or technology) -All points on the Frontier (The curve of the graph) are fully attainable and efficient. All of the resources are fully exploited *There’s another graph* (Increasing marginal~the benefit and cost of one individual decision, “point A to point B”~opportunity cost) -When producing at a point on the PPF, making more of one good requires making less of another. -per unit opportunity cost (What we give up divided by what we gain) Specialized resources (…) -PPF Increase (results from an increase in available resources or advancements in technology) *as a result, we can make more of one good, more of the other good, or more of both. -what all this means is that we have an increase in the standard of living. Meaning we can SATISFY MORE [WANTS & NEEDS] -An increase in PPF requires a reallocation of resources. *There’s a graph* Cameron Martinez January 19, 2016 Intro to Microeconomics Campbell Notes Description: Dr. Campbell EMAIL: email@example.com Office Hr’s: Wednesday, 1:00 pm – 2:00 pm Book: Text Required: not actually, Link to (Inquizative-hw website catalog we’ll be using) EXAMS & SUCH: there will be 3 midterms (50%) and a final exam (25%) and hw assignments (25%) of grade. Attendance: Attendance does not affect grade. Show up to class to learn the material. Late Assignments: No late assignments will be accepted. Bonus Points: Making good on all 4 practice quizzes will add up to 2.0 points to final grade, NOT final exam, Final grade. Book purchase: chapter 4 should say “Elasticity” if it’s “price control” wrong version .. student code is 13673 .. use the code after buying the access code which is 8 characters. Moblab: Download, register, create a user name and password, use 8 character registration code 1x78bnnt . TIPS: read, view, review .. change study habbits .. Notes: Economics – A behavioral(why we do what we do) science(scientific method on terms of research). Scarcity – stems from the idea that we’re never able to satisfy all of our wants and needs. Rescources – land, labor, capital, & natural recources which is most important *scarce* Economic System – what connects ‘wants & needs’*unlimited* to recources.. Goods & Services - are used to satisfy ‘wants & needs’. In Economics there are two fundamental assumptions about people 1. People are rational 2. People act in their own self interest Opportunity Cost – the value of the next best alternative not chosen ~minimizing opportunity cost~ bbbbbbbbis about choosing the best option with the greatest gain, and thus the lowest cost.
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