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Econ Chapter 1 Notes

by: Rosie Hakim

Econ Chapter 1 Notes 1011

Marketplace > George Washington University > Economcs > 1011 > Econ Chapter 1 Notes
Rosie Hakim
Principles of Microeconomics I

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Principles of Microeconomics I
One Day of Notes
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This 3 page One Day of Notes was uploaded by Rosie Hakim on Sunday September 14, 2014. The One Day of Notes belongs to 1011 at George Washington University taught by Suranovic in 2014. Since its upload, it has received 172 views. For similar materials see Principles of Microeconomics I in Economcs at George Washington University.


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Date Created: 09/14/14
Textbook notes Chapter 1 Economics social science that examines how people choose among alternatives available to them Scarcity the condition of having to choose among alternatives Scarce good one for which the choice of one alternative use of the good requires that another be given up Free good the choice of one use does not require that we give up another eg gravity Fundamental Economic Questions 1 What should be produced 2 How should goods and services be produced 3 For who should goods and services be produced Opportunity Cost the value of the best alternative forgone in making any choice 12 Takeaways gt Economists focus on the opportunity costs of choices they assume that people make choices based on maximizing the value of an object in terms of their own self interest gt Economist students make more money than students in other majors gt Choices are made at the margin Margin current level of activity Choice at the margin a decision to do a little more or a little less of something eg water consumption consumers decide to consume less or more of it a higher price of water might make consumers consume less Microeconomics the branch of econ that focues on the choices made by individual decision making units in the economy like consumers and firms and the impacts those choices have on the markets eg Why do tickets to the best concerts cost so much How does the threat of global warming affect real estate prices in coastal areas Macroeconomics the branch of econ that focuses on the impact of choices on the totalaggregate level of economic activity eg Is the total level of economic activity rising or falling Is the rate of inflation increasing or decreasing What is happening to the unemployment rate 13 The economist39s tool kit Variabe something whose value can change Constant value does not change Scientific method a systematic set of procedures through which knowledge is created Hypothesis an assertion of a relationship bw two or more variables that could be proven false but not true eg lncreased solar radiation increases the rate of plant growth Theory a rejected hypothesis Law universally accepted theory But nothing in economics can ever be proven true Model a set of simplifying assumptions about some aspect of the real world gt based on assumed conditions that are simpler than those of the real world Ceteris paribus all other things unchanged Independent variable induces change Dependent variable responds to the change Fallacy of false cause reaching the incorrect conclusion that one event causes another because the two events tend to occur together eg concluding that people wearing warm shorts cause warm weather its really the warm weather that causes people to wear shorts Positive statement a statement of fact or a hypothesis that can be proven false but unlike a hypothesis can also be proven true eg Microsoft is the largest producer of operating systems for personal computers in the world Normative statement one that makes a value judgement the opinion of the speaker based on values of the person so no one can prove that the statement is or is not correct gt can often become a source of disagreement eg We ought to do more to help the poor


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