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Lecture 1 - What is Economics?

by: Fiona Crewe

Lecture 1 - What is Economics? Econ 201

Marketplace > Concordia University > Economic Sciences > Econ 201 > Lecture 1 What is Economics
Fiona Crewe
Concordia University

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About this Document

These notes cover the basic concepts of econ.
Principles of Economics: Microeconomics
Dr. Moshe Lander
Class Notes
Opportunity Cost, rationality
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This 2 page Class Notes was uploaded by Fiona Crewe on Friday September 23, 2016. The Class Notes belongs to Econ 201 at Concordia University taught by Dr. Moshe Lander in Fall 2016. Since its upload, it has received 10 views. For similar materials see Principles of Economics: Microeconomics in Economic Sciences at Concordia University.

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Date Created: 09/23/16
Econ 201 ­ Lecture 1 ­ What Is Economics?    Important information:  ● Section B ­ Dr. Moshe Lander  ● Office: H­11­55.39  ● Don't call!  ●  ● eText: 50$, mandatory  ● Email only through Concordia email ­ everything else goes directly to spam.    Exams  ● Midterm: 50 multiple­choice questions  ● previous exams posted on Moodle  ● Section­specific exams   ● Alegebra & graphing on the final    Doing well in this class:  ● Understanding > memorization  ● Aim to develop an intuitive approach to the material  ● No make­up or supplemental exams    Tutorials:   ● Limited to 200 people, first come, first served  ● Based around multiple­choice questions, with graduate students explaining concepts    Group study sessions:   review questions, study, taught by students who previously succeeded in class    Lyryx online labs:  ● Online assignments  ● Accessible after purchasing the book  ● Similar to traditional hardcopy assignments  ● Labs are due at 11:59PM on Sunday  ● Don't ask for an extension! You won't get one, even if Grandma is sick  ● If you get less than 18/20 on a lab, you are a fool ­ there are 3 tries, and answers are  provided after each one  ● Labs are different for each student, but questions are similar  ● ALL labs count    Grades:   At least half of the class will receive a C, D or F grade    Private tutors are not endorsed by the economics department. If you need a tutor in intro to  Micro, that is a very bad sign. A+ & SOS are a waste of money.    All assigned readings and Labs are listed in the schedule.    Finding a good teacher:  Teachers aren't necessarily here to teach ­ some are here for research. If your teacher does not  enjoy teaching, GET OUT. Find another teacher. Ask your teacher what they like about  teaching. If they can't answer, they won't be a good teacher.    Definition of Economics:  A social science  ­studies how we allocate limited resources to satisfy unlimited wants    Social science:​ experiments performed on PEOPLE (e.g. psych, anthro, poli sci, etc)    Scarcity:   ● There are too few resources to satisfy your wants  ● There isn't enough! (time, money, years, etc) Everyone wants more.  ● NOT a synonym of shortage  ● Everyone has a scarcity problem    You need to prioritize and MAKE CHOICES in order to deal with scarcity  Economics = The study of how to make choices    Choices mean trade­offs. Each presents advantages and disadvantages.  Common trade­offs: Efficiency & equity  Efficiency: use all your resources  Equity: allocate your resources    Trade­offs in economics:  ● If you focus on efficiency, accept inequity  ● If you focus on equity, accept inefficiency  ● Fairness is irrelevant & cannot be properly defined in economics    E.g. how do you allocate 3000$ to a class of 300 students?  10$ each?  By relative wealth?  By GPA?  By who sat near the front?  Any of these will be fair or unfair depending on who you ask     


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