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Week 1 Class Notes - Microeconomics

by: Brittany Boyer

Week 1 Class Notes - Microeconomics 2001.01

Marketplace > Ohio State University > Economcs > 2001.01 > Week 1 Class Notes Microeconomics
Brittany Boyer

GPA 3.5
Principles of Microeconomics
Jeffery Buser

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About this Document

Detailed class notes of everything I learned in my first week of Microeconomics.
Principles of Microeconomics
Jeffery Buser
Class Notes
25 ?




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This 2 page Class Notes was uploaded by Brittany Boyer on Friday January 16, 2015. The Class Notes belongs to 2001.01 at Ohio State University taught by Jeffery Buser in Spring2015. Since its upload, it has received 170 views. For similar materials see Principles of Microeconomics in Economcs at Ohio State University.


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Date Created: 01/16/15
Economics a social science that examines how people choose among the alternatives available to them Two things that come down to decision making in economics 0 Bene ts 0 Costs Bene ts gt Costs Do it Choosing between alternatives involves 3 central economic ideas 0 Scarcity 0 Choice 0 Opportunity Cost Scarcity having limited resources and unlimited wants forces people to make choices 0 Will always exist 0 Affects everyone Scarce Good where the choice of one alternative requires another alternative choice 0 Example Oil Resources the inputs needed to produce goods and services Wants the goods and services that we would like to have 3 Fundamental Questions in Economics 0 What goods and services should be produced 0 How should the goods and services be produced Through labor people Through capital machines 0 For whom should the goods and services be produced Opportunity Cost the best option not selected when decision is made what did you sacri ce o The opportunity cost varies by individual 0 Only applies to the BEST alternative not selected 0 Does not have to be measured in monetary terms 3 things unique to the economic way of thinking 0 One is pushed to think about all alternatives This often involves reevaluations since situations and alternatives constantly change 0 Economists tend to argue that most choices are made quotat the marginquot 0 Categorize questions into either Microeconomics or Macroeconomics Making a decision at the margin establish both the marginal costs and the marginal bene ts Will the bene ts outweigh the costs If yes then do it Microeconomics studies the building blocks that make up the economy and looks at individual markets such as the market for gas or concert tickets Macroeconomics studies factors that affect the economy as a whole and looks at aggregates more broad market categories such as all the households or all businesses Economists generally conduct their research through the scienti c method by using the following four steps 0 State a hypothesis 0 Identify the key variables 0 State assumptions or describe the model 0 Gather historical evidence then test the hypothesis Note a hypothesis can never be shown to be true nor can one ever be 100 con dent it is completely correct If a hypothesis is reiected then evidence has been found to prove it wrong h a thothesis is not reiected it just means that for the time being not enough evidence has been found to prove the hypothesis not true


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