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

Week 1, lectures one and two

by: Taryn manciu

Week 1, lectures one and two Econ 101

Marketplace > University of Oregon > Econ 101 > Week 1 lectures one and two
Taryn manciu
GPA 3.46
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 Contemp Econ Issues >2

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Contemp Econ Issues >2 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

Lecture nots and examples from our first two classes.
Contemp Econ Issues >2
Urbancic M
Class Notes




Popular in Contemp Econ Issues >2

Popular in Department

This 2 page Class Notes was uploaded by Taryn manciu on Monday October 10, 2016. The Class Notes belongs to Econ 101 at University of Oregon taught by Urbancic M in Fall 2016. Since its upload, it has received 72 views.

Similar to Econ 101 at UO


Reviews for Week 1, lectures one and two


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: 10/10/16
EC 101 Week 1 Lecture 1 & 2 Self Interest - -Benefits society - -An interest of the market participants gives incentives to work and produce, which in turn benefits society Tragedy of the Commons - Occurs when nobody in particular has property rights to an open access resource - -While it would benefits everyone collectively to manage the resource, each person has an incentive to exploit the resource before someone else does - Left unchecked can lead to a collapse of the resource Key Concepts in the discipline of EC. - Scarcity and choice IN CLASS EXAMPLE OF TRAGEDY OF THE COMMONS: Prof. chose 3 teams of two to “fish” for poker chips on the ground. There were four different colors of poker chips, each worth a different amount, in the second round the point values would double for each of the chips Each team got to fish for one minute before switching and fishing again. By the second round there were none of the highest point value “fish” left. In analysis, it would have been better for everyone to wait to get the highest scoring fish in the second round so they could maximize their earning potential. BUT because you couldn’t be sure if everyone would wait till the second round, everyone got the highest scoring fish in the first round for the chance they wouldn’t get that chance in the second round. Moral of the game is…get what you can while you can…otherwise someone else might get it before you. “Economics is the study of how individuals and societies choose to use the scare resources that nature and previous generations have provided.” Major Divisions of EC - Micro (behavior and decision making of individuals) - Macro (behavior and trends of the nation) More Tragedy of the Commons - Public bathrooms are gross…why? Because there is no ownership, and therefore no sense of responsibility. Because they are public and not individually owned, the public that uses them doesn’t feel the need to be responsible for their condition, there fore they go untaken care of. Prisoners Dilemma - When each player follows their own interests it ends up bad for everyone o SOLUTION: External enforcer (vindictive boss, government) Repeated interactions (raise stakes, establish trust, communication) Explicit communication and trust.


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

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

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."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

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.