Day 3 slides - Principles & Graphing Applications...

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1 Microeconomics Principles January 18, 2008 Principles & Graphing Applications Administrative Homework #1 – Due Friday Jan 25 th z Complete all questions. Homework #1 covers Chapters 1 and 2 (and 1 appendix) of our text. z Remember to save all answers , and click submit when you are ready to turn it in Pre-Course Survey and Syllabus Signature -Due Friday Jan 25th Any trouble with books? New to class Today’s Outline Refresher: z The Economic Problem z Key terms & Ideas: z Opportunity Cost z Budget Line Graphing Applications z Production Possibilities Frontier The Economic Problem Three parts to all economic problems: z Objectives – desired outcome z Alternatives – choices/routes for attaining outcome z Constraints – what’s holding you back? -- why can’t you have it all? Scarcity Who are the Key Players? Individuals/Consumers Business Firms Government Agencies Using Graphs: Revisit the Consumer Problem Objectives Alternatives Constraints Satisfy Hunger Salad bar, panini grill, etc.
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Day 3 slides - Principles & Graphing Applications...

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