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Econ 142 week 1 notes

by: Moriah Gerber

Econ 142 week 1 notes ECON 142

Marketplace > Kansas > Micro Economics > ECON 142 > Econ 142 week 1 notes
Moriah Gerber
GPA 3.5

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About this Document

These notes mostly cover supply and demand curves.
Dr. Brian Staihr
Class Notes
supply, demand
25 ?




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This 1 page Class Notes was uploaded by Moriah Gerber on Wednesday September 7, 2016. The Class Notes belongs to ECON 142 at Kansas taught by Dr. Brian Staihr in Fall 2016. Since its upload, it has received 50 views. For similar materials see Microeconomics in Micro Economics at Kansas.

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Date Created: 09/07/16
Monday, August 22, 2016 Chapter 1 - Economics: choices people make to attain their goals given their scarce resources - Equity: is it divided up fairly? - Efficiency: is it divided up so there is no waste? - Three ideas: • people are rational • people respond to economic incentives • optimal decisions are made at the “margin” - Margin: a small increment or one more unit or extra or additional - opportunity cost: the value of the thing that you didn't do - Book definition of opportunity cost: the value of the next best alternative - normative vs. positive: • positive statement of fact: “what is” - Kansas City’s City Council just voted to increase the minimum wage. • Normative statement: statement of what “should be” and contains a judgement - “The minimum wage should be increased…” - Markets and a market economy: • Market: a set of buyers and sellers whose actions affect the price of a product or service 1


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