Micro 1-14

Micro 1-14 - Compensating factors among Choices Six Step...

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What is Microeconomics? Macro deals with economy as a whole Micro deals with Individual Parts ( ex. Households, firms, governments) Synonymous with Market Economics – i.e. market-based approaches Overview of Economic Approach 3 basic Postulates o Power of Incentives i.e. People Respond to Incentives o Rationality People Act in their Best Interest o Indifference Principle
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Unformatted text preview: Compensating factors among Choices Six Step Plan • Attend all lectures (and review sessions) • Keep up with the readings • Get plenty of exercise o (doing homework exercises, thinking & jumping to conclusions) • Do the research in advance (Research Papers) • Keep up with current events • Discuss econ and drink beer with friends...
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