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EC201 Week 1, Day 1 Notes 9/26/16

by: Annie Notetaker

EC201 Week 1, Day 1 Notes 9/26/16 Econ 201

Marketplace > University of Oregon > Microeconomics > Econ 201 > EC201 Week 1 Day 1 Notes 9 26 16
Annie Notetaker
GPA 3.74
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About this Document

These notes cover day one of class, Monday 9/26/16.
Introduction to Microeconomics
Erica Birk
Class Notes
Economics, Microeconomics, Econ, ECON201




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This 3 page Class Notes was uploaded by Annie Notetaker on Wednesday September 28, 2016. The Class Notes belongs to Econ 201 at University of Oregon taught by Erica Birk in Fall 2016. Since its upload, it has received 142 views. For similar materials see Introduction to Microeconomics in Microeconomics at University of Oregon.


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Date Created: 09/28/16
Econ 201- Erica Birk: Week 1, Chapter 1 Mon 9/26/16 Economists study decision making and the effect(s) of those decisions • What are the costs of the decision? • What are the benefits of it? Policy-makers ask questions that economists try to answer Economics: the study of how people allocate scare resources to satisfy unlimited wants Scarcity: the limited nature of society’s resources, given unlimited wants/needs MICROeconomics: the study of individual units that make up an economy MACROeconomics: the study of the overall aspects and workings of an economy. Macroeconomics involves foundations found in microeconomics Prices: the ratio at which two goods are exchanged in a market. Measured in: • Dollars • Costs beyond money: Time Health You cannot change one price without changing the price of a related outcome The Five Foundations of Economics 1. Incentives: factors that motivate a person to or to not act Positive Incentives: Encourage actions that bring about good outcomes Negative Incentives: Encourage actions to avoid bad outcomes Direct Incentives: The obvious incentives of a policy Indirect Incentives: The more difficult-to-recognize incentives of a policy 2. Trade-Offs: In order to achieve one goal, you must give up another. What will bring about the best outcome? Is the trade-off worthwhile? 3. Opportunity Cost: the highest-valued alternative that must be sacrificed in order to get something else. How much will that opportunity cost me? Choosing the option that gives the largest benefit minimizes opportunity cost 4. Marginal Thinking: Evaluating whether the benefit of one more unit of a given thing is greater than its costs. About deciding to do MORE or LESS of something you are already doing NOT about deciding whether or not to do something at all Diminishing marginal returns: All else held constant, increasing one input will eventually lead to negative returns 5. Trade: Voluntary exchange of goods/services between two+ parties . Markets: Unite buyers/sellers to exchange goods/services Comparative advantage: When an individual, business, or country can produce something at a lower opportunity cost than a c ompetitor can Comparative advantage leads to specialties, where one party focuses all resources on one good/service The bottom line: Which policy do you make, and why? 2 3


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