Principles of Microeconomics
Principles of Microeconomics ECO 2023
Popular in Course
Popular in Economcs
verified elite notetaker
This 1 page Class Notes was uploaded by Fleta Rempel on Monday October 12, 2015. The Class Notes belongs to ECO 2023 at Florida International University taught by Alfonso Rodriguez in Fall. Since its upload, it has received 18 views. For similar materials see /class/221809/eco-2023-florida-international-university in Economcs at Florida International University.
Reviews for Principles of Microeconomics
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 10/12/15
Lecture 1 Micro Chapter 1 Define Economics Look at assumptions we will make throughout the course Difference between positive and normative statements Go over basic math concepts Has two main sub fields Macroeconomics The study ofthe economy as a whole performance structure and decision making includes national income GDP inflation unemployment economic growth Microeconomics the study of households amp firms interact with each other in the market place and how government can intervene in order to affect outcomes or interactions Assumptions When analyzing models in this course we must keep the following ideas in mind ALWAYS Agents are rational Rationality means that agents respond to economic incognitos Agents use all available information when making economic decisions Agents make choices at the margin The the optimal choice occurs where the marginal benefit ofa choice equals its marginal cost MBMC Normative statement A Statement thats states what should be Opinion Positive Statement Statement that involves what is Facts Deals with issues of fact EX minimum was laws cause unemployment Economics deals with positive statements