ECON 301 Lec1

ECON 301 Lec1 - 1 Econ 301 Professor Furstenberg Lecture 1:...

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Unformatted text preview: 1 Econ 301 Professor Furstenberg Lecture 1: Introduction 8/26/2008 2 Outline 1. Econ 301: Intermediate Microeconomics 2. Markets 3. Economic Models 4. Comparative Statics 5. Ceteris Paribus Analysis 6. Positive and Normative Analysis 7. Efficiency 8. Tradeoffs 3 Econ 301 1. Description: Microeconomics is the science of individual behavior and decision making. In a sense, we are really talking about how to allocate scarce resources. In 301, we will develop a rigorous and logical framework for analyzing decisions. Mostly, you will learn to think like an economist, how to appropriately account for the economic costs and benefits of any particular action. There will be applications. You will not learn a bunch of facts. 4 1. This course is an important course for Econ majors. It is an important prerequisite for: Industrial Organization Public Finance International Trade Labor Economics Game Theory Etc. 1. Mathematics: Calculus is important, especially derivatives. It is critical that you learn the notation. 5 Markets Much of Intermediate Micro is focused on studying markets. A Market is a collection of buyers and sellers who, through their actual or potential behavior, determine the price of a product. Supply, demand, etc. Markets may be defined by geographical, political, or legal boundaries (and others). A market economy is an economy in which the market determines the allocation of the economys resources. Economists use models to help understand markets. We are going to study these models in detail. 6 Economic Models An economic model is a mathematical simplification of the real world....
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This note was uploaded on 09/14/2008 for the course HIS 167 taught by Professor Simura during the Spring '08 term at VCCS.

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ECON 301 Lec1 - 1 Econ 301 Professor Furstenberg Lecture 1:...

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