Econ 100A 1 Intro - 1 INTRODUCTION 8/31/2009 Econ 100A...

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INTRODUCTION 1 Econ 100A Mortimer 8/31/2009 1
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INTRODUCTION microeconomics Studies the behavior of consumers, firms, workers, and how prices are determined in markets Econ 100A Mortimer 8/31/2009 2 Economics deals with the allocation of limited resources.
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POSITIVE AND NORMATIVE ANALYSIS positive analysis Analysis describing relationships of cause and effect in the economy. e.g., Explanatory questions, such as “what happened?” and “what will happen?” normative analysis Analysis examining issues of social welfare. e.g., Prescriptive questions, such as “what should be done?” Econ 100A Mortimer 8/31/2009 3
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COMPETITIVE AND NON-COMPETITIVE MARKETS perfectly competitive market Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price. market power Ability of a seller or buyer to affect the price of a good (e.g., monopoly, monopsony) Econ 100A Mortimer 8/31/2009 4
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MARKET DEFINITION Which buyers, sellers, and the range of products should be
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Econ 100A 1 Intro - 1 INTRODUCTION 8/31/2009 Econ 100A...

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