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by: Mariah Notetaker
Mariah Notetaker

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About this Document

Introduction to Music Industry
Paul Young
Class Notes
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This 2 page Class Notes was uploaded by Mariah Notetaker on Friday August 19, 2016. The Class Notes belongs to MUIN 100 at University of Southern California taught by Paul Young in Fall 2016. Since its upload, it has received 4 views. For similar materials see Introduction to Music Industry in Music Industry at University of Southern California.


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Date Created: 08/19/16
6/10/2016 Preface ­ WebCOM™ 2.0 RICHLAND COLLEGE PRINCIPLES OF MICROECONOMICS: ECON 2302 SHOROW-NEWBURY ECONOMICS – IT’S ABOUT MAKING GOOD CHOICES! The THEME of our Economics course is - “Trying to make the good choices in a real world of constant challenges and on-going change”   NOTE: This THEME will be very evident in all of your Assignments, Quizzes and Exams.   1. We are all constantly making choices. Some choices are small, e.g. what to have for lunch … some are bigger, e.g. whether to study Economics tonight or use the time in some other way. Some choices are VERY big, e.g. what to choose for a college major. It is a reality that every choice that is made is a person’s attempt to obtain some type of bene†⁐t on the “upside”… either for yourself or for someone else. 2. Every choice that is made is also a person’s attempt to minimize (make as small as possible) the following three realities on the “downside” – a) cost – in the short run what must be given up to obtain a “bene†⁐t” (this goes beyond just $$$) b) uncertainty – in the longer run the amount of “bene†⁐t” actually obtained may be less than what was originally perceived c) risk – in the longer run the amount of “cost” actually paid may be more than what was originally perceived 3. Both uncertainty and risk result from a “real world reality” called limited information. That is, whenever you have to make a really important choice, it seems like there is never enough good information available ... at least not at the moment when you really need it. 4. Even a simple choice like having a cheeseburger for lunch can have additional “cost” an hour later if you did not initially have good information about the quality of the meat. In this example the initial bene†⁐ts may have been what you perceived ... but the additional cost an hour later can turn out to be much greater. 1/2 6/10/2016 Preface ­ WebCOM™ 2.0 5. The challenge in making a good choice is that in trying to increase the initial amount of a bene†⁐t there is usually an increase in short run cost ... and often an increase the longer run uncertainty and risk. This means that we are all faced with another “real world reality” of having to make a tradeo†⁐ every time a choice is made. (Making a “tradeo†⁐” means accepting additional cost, uncertainty and risk in exchange for the possibility of additional bene†⁐t ... or accepting less bene†⁐t in exchange for less cost, uncertainty and risk.) 6. At a particular moment in time, regardless of whether you are in the role of a student, a consumer, a business person, a government o††cial, or a member of a social or political group, there are tradeo†⁐s that you have to make when trying to make a “good choice” that considers the longer run as well as the short run. 7. In summary … a dynamic economy (and a dynamic society) can be viewed as a CHAIN-REACTION of tradeo†⁐s and choices that are being made everyday by millions people. Our courses in ECONOMICS (including “intro”, “macro”, “micro”, and “global”) include a variety of learning experiences that will have one uni†⁐ed theme: “Trying to make the good choices (the good tradeo†⁐s! ) in a real world of constant challenges and on-going change.”   Do PRINT this THEME document. (use the "print this page" feature in the top right corner of your page to avoid losing any text). Spend a few minutes thinking about how the core concepts (Choices = Bene†⁐ts + Costs + Uncertainty + Risk) †⁐t-in with your everyday life. Keep this copy of the THEME with your other course materials. It will be a handy reference since these concepts extend to every part of the course ... and to every part of real life. Hopefully you will be marking-up this page with many of your own thoughts. WebCOM™ 2.0 is a trademark of Great River Learning. All rights reserved. © 2002-2016. 2/2


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