Econ 202 notes Week 1
Econ 202 notes Week 1 ECON 202
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This 2 page Class Notes was uploaded by Leslie Pike on Thursday January 28, 2016. The Class Notes belongs to ECON 202 at Western Kentucky University taught by Dean Jordan in Spring 2016. Since its upload, it has received 83 views. For similar materials see PRIN ECONOMICS-MICRO in Economcs at Western Kentucky University.
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Date Created: 01/28/16
Econ 202 notes Week 1 Tuesday: Mostly just went over the syllabus today. Reading the book is important to understanding the material and getting a good grade. The Blackboard site is just for posting grades; no powerpoints or homework to be found there. Dr. Jordan does not believe in making powerpoints free; thus, these notes are available for sale in their place. Scantron 882-E is used for exams. It is the green one. You will also need to bring a pencil and a simple calculator. The final exam is not required if you take all three in- class exams. (Thanks Dr. Jordan!) No “homework” but there is an article review due every week on Thursday. Don’t turn it in late, but you are welcome to be proactive and bring it in Tuesday and take the rest of the week off. Articles are not due on exam weeks. Articles are to be written in this format: Name Article # Dr. Jordan Tuesday-Thursday 9:35 Put the actual review here, one page double spaced. Staple the article to the back of the review. STAPLE IT!!!! Dr. Jordan will be pretty mad if he gets articles without staples, after he emphasized it so much in class. Announcements will be made in class. Announcements WILL NOT be emailed or posted to Blackboard; however, they WILL be available in these notes. Thursday: Human beings have unlimited wants, but limited resources. This creates scarcity, and causes people to have to make choices. There is always a trade-off, nothing is ever free. Even if something does not cost you money, that does not mean it is free. Everything costs SOMETHING, be it time, money, etc. For example, you need to go to LA. A plane ticket costs $600, but driving yourself costs $300. However, driving will take longer than flying, so in order to drive, you have to take off work. Depending on how much you make, you might be better off flying. TIME IS MONEY. Not everyone’s time is worth the same amount of money, but time is money. Opportunity cost is the value of the best thing that you have to give up to make the decision that you made. An incentive influences action. An incentive can be positive or negative. Participation points are a positive incentive for coming to class. Speeding tickets are a negative incentive to encourage people to drive more slowly. Economics is the science that studies the choices that people, businesses, governments, etc., make based on scarcity. Microeconomics focuses on individuals and businesses. Macroeconomics focuses on global economy and unemployment rates, etc. What is produced, How is it produced, and to Whom does it go? What: goods and services satisfy human wants. The US is a service economy. China is a manufacturing economy. How: successful business requires land, labor, capital, and entrepreneurship. Land earns rent, labor earns wages, capital earns interest, and entrepreneurship earns profit. (Not every entrepreneur makes a profit, but the successful ones do.) Whom: Income levels influence who buys what. There is no point in having a business that makes lots of sports cars if most people can’t afford a sports car, because the cars won’t sell very well. Self-interest vs. Social interest Self-interest means that you are doing something to satisfy your needs/wants. Practically every decision is made in self-interest, more or less. You go to school to earn a degree, you go to work to earn a paycheck, you turn down your music so that the people next door don’t get annoyed and come in and throw things at you, etc. Social interest is doing something for the good of the community. Recycling your trash, planting a tree, etc., are choices that benefit society. Activities can serve both self-interest and social interest. When Dr. Jordan comes to work, he is serving his self-interest because he is getting paid. He is also serving the social interest by educating people.
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