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week one notes

by: Taylor Livingston

week one notes Econ 201

Taylor Livingston

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About this Document

Microeconomics 201
Dr. Philip Coelho
Class Notes
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This 3 page Class Notes was uploaded by Taylor Livingston on Friday August 28, 2015. The Class Notes belongs to Econ 201 at DCH Regional Medical Center taught by Dr. Philip Coelho in Fall 2015. Since its upload, it has received 36 views. For similar materials see Microeconomics 201 in Economcs at DCH Regional Medical Center.


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Date Created: 08/28/15
▯ Chapter 1 ▯ Positive economics  Testable  can be refuted ▯ Normative economics  What should be  it cannot be tested ▯ ▯ competition, scarcity, and discrimination are all related ▯ ▯ In the old days what how and for whom things were being produced  what – what mom and dad produced  how –how they did  for whom- yourself or who makes you give it to them ▯ ▯ in a capitalist society like the US (private ownership if the means of production) what how and for whom things were being produced  what- depends upon the dollar votes of people  how- least cost way  for whom- people willing and able to pay ▯ ▯ pure capitalist <--------------------> pure socialist  these extremes are never fully obtained, but different countries have different stands and positions  creative destruction- because people keep coming up with new ideas  life expectancy has risen because ▯ how do we solve people being very rich and others being very poor? ▯ some people treat their dogs with better food than some people can afford ▯ ▯ socialism- someone else knows better than you do on how to spend your own money (economists) making more money in five years than if you made your own money choices. At our age frontal cortex is still developing. ▯ ▯ what is the alternative? ▯ Individual is the unit of analysis- we talk about how individuals make decisions (individual firms, people, families) not about what society makes you do ▯ ▯ reification (res)- giving the attributes of being a person to things that don’t exist ▯ statement: Rich corporations should pay more taxes. ▯ The word ‘should’ usually means it’s a normative statement. ▯ corporation- group of people who have organized themselves under a legal figment(legal figment makes it possible for lawsuits) people stand behind corporations. When we tax corporations we tax the owners(shareholders), suppliers, customers. ▯ ▯ Statement: When property rights and human rights conflict, then human rights must prevail. ▯ This is a normative statement. ▯ property has no rights, the owner makes the decisions for the property and humans have the right to have properties ▯ ▯ Chapter 2- production possibilities and analysis ▯ ▯ emphasis on the what part of production ▯ model- simplification, or extreme simplification ▯ simple model of the economy- ▯ One person can only obtain grains or meat. The persons resources are intellect and body. If he uses all of his resources to getting grain, he will get 21 baskets of grain and no meat. If he uses enough resources to get one piece of meat but then he can only get 20 baskets of grains. If he gets 2 pieces of meat, he can only get 18 baskets of grain. If he gets 3 pieces of meat, he will get 15 baskets of grains. If he gets 4 pieces of meat, he will get 11 baskets of grains. If he gets 5 pieces of meat, he will get 6 baskets of grains. If he gets 6 pieces of meat, he will not be able to get any grain. This is an example of diminishing returns, and production possibilities. This means that we live in a world or scarcity. This also indicates that we have to make choices, and there are increasing costs.


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