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Ten Principles of Microeconomics

by: Kaylee Wakai

Ten Principles of Microeconomics ECON 221

Marketplace > University of South Carolina > ECON 221 > Ten Principles of Microeconomics
Kaylee Wakai
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About this Document

These notes cover the ten principles of microeconomics and graphing practice
Principles of Microeconomics
Elizabeth Watson
Class Notes
Microeconomic, Economics, Econ, graphing




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This 2 page Class Notes was uploaded by Kaylee Wakai on Monday October 10, 2016. The Class Notes belongs to ECON 221 at University of South Carolina taught by Elizabeth Watson in Fall 2016. Since its upload, it has received 145 views.


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Date Created: 10/10/16
 Morespecificallywecomparemarginalbenefitsand WhatisEconomics?  Thestudyofusinglimitedresourcestosatisfy marginalcost unlimitedwantsandneeds  Marginalbenefit:theextrabenefitfromone  Everyoneeverywherefacesscarcity moreunit  Scarcityisnotthesameaspoverty  Marginalcost:theextracostfor onemore o RobinsonCursoEconomics:Prioritizing unit needsandwantsbyhow muchyouneedit,  Keyquestion:Isitworthit? whatwillhappenifyoudon’tgetit,andhow IncentivesMatter difficultitistoget Tradeoffs  Ifthebenefitofsomethingincreases(decreases),all  Makingdecisionsrequirestradingoffonegoal elseconstant,peoplewillbemore(less)likelytodoit against another  Ifthecostofsomethingincreases(decreases),allelse  Howtospendtime,money,brainspace,etc. constant,peoplewillbeless(more) likelytodoit  Ex.Shouldyouspendyourfreetime  Ex.Whenthepriceofanapplerises,people studying,sleeping,eatingetc. choosetoeatfewerapples  Societyfacestradeoffbetweenefficiencyandequality  Ex.Whenthegovernmenttriestoredistribute HelpfulGuidelines incomefromrichtopoor(equality),it  Informationisnotfree;itisaneconomicgoodand reducestherewardforworkinghard thereis anopportunitycostforobtainingit (efficiency)  ViolatingCeterisParibus canleadtodisaster  Resources:Land,labor,capital(machinerynot  CeterisParibus:otherthingsequalor allelse monetary) constant  Changeonlyonethingatatimetoavoid mistakes OpportunityCost  Goodintentionsdonotmeangoodresults  Thehighestvalueforgonealternative  Opportunity costdoesnotjustincludemoney;beware  Goodeconomiststhinkabout allofthe ofdoublecounting consequencestoallgroups,not justthe  Ex.Duringsummeryouattendsummer outcomesforaparticulargroupat a schoolinsteadorworkingatajobthatearns particulartime you$6,000. Yourtuitioncostis$3,000and  Bewareofunintendedconsequences:those books cost$1,300.Theopportunitycostof thingswecouldhavepredictedwould happenbutfailedtothinkthrough attendingschoolis$10,300.  Seatbelts:life-saversordisasterswaitingto ($6,000+$3000+1,300=$10,300)  Valueissubjective happen?  Ex.Theopportunity cost ofgoing tothe  Associationdoes notequalcausation moviesisdifferentdependingonwhoyou  Arelationshipbetweentwovariables(A&B) ask canoccurforseveralreasons  Positivestatement:Whatis(describethe AcausedB worldasitis) BcausedA  Normativestatement:Whatshouldbe CcausedA&B  Whatistrueforonemaynotbetrueforall (prescribehowtheworldshouldbe)  JustbecauseJohnbenefitsfromdoingX PeopleChooseattheMargin doesnotmeanallpeoplewillbenefit inthe  Choiceisdeliberateevenwhenweleaveittochance samewayiftheyalsodoX  Wemakechoicesbycomparingbenefitsandcosts  Justbecausethereisabenefittopeopleif  Benefits:Utility,value,howmuchwelike JohndoesXdoesnotmeantherewillbea something benefittopeopleifeveryoneelsealsodoesX  Costs:opportunitycostwhatwemustgiveup  Whatdetermineshowmanyhoursyoustudyanight?  Currentgrade  Assignmentsdue  Testcomingup  Extracurricularactivities  Whentryingtofigureoutacause,allothervariablesmustremainconstant(ceterispubis) CurrentGrade 100 CurrentGrade Hours 100 0 95 .25 90 .5 85 .75 80 1 75 1.25 70 1.5 65 1.75 60 2 55 2.25 50 2.5 45 2.75 0 .25 .5 .75 1 1.25 1.5 1.75 2 2.25 2.5 2.75 HoursStudied  Whenonevariablechangeswemustredrawthewholelinealsoknownasshifting thecurve  Ex.Atestcomingupwouldshiftthecurvetotherightshowinganincreaseinthehoursspentstudying


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