Economics 120 Lecture Notes

Economics 120 Lecture Notes - Economics 120 Summer 2007...

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Economics 120:  Summer 2007 Lecture 1: 06.20 Chapter 1 I. How to allocate scarce resources to satisfy unlimited want II. [Missing Notes] III. 2 Branches: A. Macroeconomics 1. Analysis of Whole (Aggregate) Economy 2. Issues: a) Unemployment b) Inflation c) World Trade d) Economic Growth B. Microeconomics 1. Analysis of specific sectors of economy (Household/Industrial) a) Production (Firm/Industry) b) Resource Allocation (Demand/Supply) c) Cost/Profit/Revenue IV.  Positive Statements A. Factual Data B. Scientific C. Verify/Measure Truth D. No Bias V. Normative Statements A. Opinion B. Bias 1. Ideology 2. Politics 3. Not always able to verify if its right/wrong VI. Example: A. War is good for USA 1. [Normative Statement] VII. For Monday: A. Economic Perspective 1. Incentive/Distinctive 2. Marginal Benefits/Cost 3. Opportunity Costs B. Fallacies (5 Types) 1. Fallacy of Composition 2. Fallacy of Bias 3. Loaded Terminology 4. Post Hoc Fallacy 5. Association – Causation Lecture 2: 06.25 VIII. Schedule A. Economics B. Macro/Microeconomics C. Positive/Normative Economics D. Fallacies
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E. Economic Perspective IX. Analysis of Scarcity
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Economics 120 Lecture Notes - Economics 120 Summer 2007...

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