New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

ECON 2020 (Dr. Macy Finck) August 15-19

by: Gabrielle Ingros

ECON 2020 (Dr. Macy Finck) August 15-19 Econ 2020

Marketplace > Auburn University > Economics > Econ 2020 > ECON 2020 Dr Macy Finck August 15 19
Gabrielle Ingros
GPA 3.8
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Principles of Economics: Microeconomics

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Principles of Economics: Microeconomics notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

These are the notes from the lectures given in class.
Principles of Economics: Microeconomics
William M. Finck
Class Notes




Popular in Principles of Economics: Microeconomics

Popular in Economics

This 1 page Class Notes was uploaded by Gabrielle Ingros on Saturday August 20, 2016. The Class Notes belongs to Econ 2020 at Auburn University taught by William M. Finck in Fall 2016. Since its upload, it has received 187 views. For similar materials see Principles of Economics: Microeconomics in Economics at Auburn University.


Reviews for ECON 2020 (Dr. Macy Finck) August 15-19


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 08/20/16
ECON 2020 Lecture 1: Introduction to Economics  Economics: making choices o Economics – the social science concerned with how individuals,  institutions, and society make optimal choices under conditions of scarcity  Microeconomics focuses on the individual rather than the whole o Scarcity – the condition whereby the resources we use to produce goods  and services are limited relative to our wants for them  Scarce Good – an economic good – good for which you can NOT  get all you want at zero COST  Free Good – opposite of above; you can get all you want at zero  COST o Resources – the inputs or factors used in the production of  outputs/products/goods and services  Types of Resources: natural (land, oil, lumber, etc.); labor (physical and mental talents used in production); capital (all manufactured  goods used in production); entrepreneurship (the ability to combine other resources into valuable outputs)  Price vs. Cost o Price – signal that tells producers what and how much to produce; in a  standard market transaction it is paid by the consumer o Cost – the sacrifice associated with making a choice; in a standard market  transaction it is paid by the producer  Explicit Costs – out­of­pocket, monetary payments  Implicit (Opportunity) Cost – most valued option forgone  Economic Cost = explicit + implicit costs  Example: economic cost of attending Auburn (assuming all in state) o Tuition ­ $10,696 x 4 = $42,784 (explicit cost) o Books ­ $1,200 x 4 = $4,800 (explicit cost) o Full Time Job ­ $26,104 x 4 = $104,416 (opportunity cost) o Total ­ $152,000 (economic cost)  How do we make choices? o We try to maximize our utility by using marginal decision making  Utility – the satisfaction a consumer obtains from the consumption  of a good or service  Marginal – additional; the change that results from an additional  unit o Note: utility maximization by producers and consumers usually maximizes social welfare


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.