ECON lecture 2 - Economics 101 Introduction to...

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Unformatted text preview: Economics 101 Introduction to Microeconomics Lecture #2 Jan. 23, 2008 1. Last Time: Real, Scarcity, Alternatives = Opportunity Cost & TRADEOFFS - - Solving the fundamental economic Problem. - - Microeconomics (vs. Macro) - - A Social (Behavioral) Science 2. Of What? What do we Value? Why? 3. What is Possible to Provide? - Production Possibilities — Expanding the Frontier 4. Specialization and the Division of Labor 5. Needed Support for Specialization - Infrastructure and Services - Institutions (Markets & Government) Teaching Assistants , Economics 191 ( Spring 2008) Abhijit Patnaik <ap332> Coordinating TA Jinhwan 0h <j095> Sects. 10,11,12 Lin Zheng <1256> Sects. 13,14,15 Yan Li <y1327> Sects. 16,17,18 Lanyue Zhou <1255> Sects. 19,20,21 Joerg Ohmstedt <j0222> Sects. 22,23,24 Econs. 001 - - A Complement to Econs. 101 Albert Alexander <awa2> Any student taking Economics 101 may use the services and resources of Econ 001. Econ 001 meets every Monday from 7:00-8:30 PM in RF 102 Additional Tutoring sessions are available beginning January 28: Sunday 7:00- 9:00 PM in RF 102 for Econ 101 and Econ 102 Thursday 7:00— 9:00 PM in RF 102 for Econ 101 and Econ 102 The lecture topics will be discussed but the emphasis is on answering student questions and answering practice problems during the meeting. Students are NOT required to enroll in Econ 001, but enrolled students will be given priority for the use of time and materials. The Fundamental Economic Problem: 7 The Allocation of . Scarce Resources ' ' to Competing Alternatives * (for whose benefit?) - qfl VII 3&535 «as .6 .9. . _ 3 .. .342 6% , _ WbAMEBE bqu 7m aggmmiiwmfi—JW- . ‘1 .. r.wMDixEMwZ££ Dubs... _ xftU, - O $2 .985. 598120 , Attributes People Value Neceesities: ‘ ' ‘ Food, Clothing, Shelter (Habitat), Health Discretionary: Time Goods (Toys & Trinkets) Social Relationships Autonomy Esteem, Influence (Power?) Note: Furtherance of discretionary attributes frequently accomplished through amplified solutions for providing necessities (e. g. McMansions) ...
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ECON lecture 2 - Economics 101 Introduction to...

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