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Basic Principles

by: John Roach

Basic Principles ECONS101

Marketplace > Economcs > ECONS101 > Basic Principles
John Roach
GPA 2.7
Micro Economics
Alejandro Prera

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About this Document

This word document contains the basic principles of economics, and the differences between positive and normative economics.
Micro Economics
Alejandro Prera
One Day of Notes
Microeconomics, Washington State University, Economics
25 ?




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This 4 page One Day of Notes was uploaded by John Roach on Thursday January 22, 2015. The One Day of Notes belongs to ECONS101 at a university taught by Alejandro Prera in Fall. Since its upload, it has received 290 views.

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Date Created: 01/22/15
EconS 101 11415 Short one question quiz on graphs on Friday Ch 2 appendix Asked to nd the speci c area of the triangle Look over formulas Flashcards are extra credit worth 2 due the 20th February 20 quot Exam 1 Chapter 1 Outline What do economists do What are we doing in this course Positive vs Normative economics Chapter 1 What really matters What is economics Disagreements within the eld of economics All individuals have an internal maximum willingness to pay What are we doing in this course Microeconomics How economic agents pursue their own self interests to make decisions and how these decisions affect society Choice of scarcity How individuals and rms make choices Partial equilibrium looking at the market All actions are predicated on how it bene ts you or a rm How we visualize satisfaction isn t all in money but how we feel good Monetary and spiritual returns We seek to answer What How And Who Questions Most microeconomic books will have these three ques ons Basis of economic thought Everything is cost bene t analysis in economics lf bene ts outweigh the costs your good to go Normative and Positive Analysis In economic analysis questions of ef ciency and equity rely on the use of economic models Looked from a policy perspective What s your email I ll send you my notes Normative analysis concerned with what ought to be Positive analysis concerned with what is pure results with no agenda Economics should be about positive analysis which measures the costs and bene ts of different courses ofac on Positive analysis shows the consequences of a particular policy Whether to do it or not is normative analysis What are the results of import vs welfare Normative economics Example of Normative and Positive analysis Federal minimum wage law without the law some rms and workers could agree to a lower wage With the law some workers have difficulty nding jobs and rms pay more for labor Normative analysis would consider if the law is a good idea or bad idea and depends on how people evaluate the tradeoff involved Everybody in business or nance agree that stock markets are the purest form of economics The stock price re ects all the information out there When government intervenes we have sustained periods of stability Positive analysis uses an economic model to estimate how many workers have lost theirjobs because of the law its impact on the costs and pro ts of businesses and the gains to workers receiving the minimum wage Individuals just like rms make their own self interests


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