Econ 201 L1 - Econ201:Principlesof Econ201:Principlesof...

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Econ 201:Principles of  Econ 201:Principles of  Microeconomics Microeconomics Lecture 1
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Why should you learn economics ? Why should you learn economics ? It help you understand the world. It helps you make better decisions.  It gives a better understanding of both the  potential and limits of economic policy.
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What is Economics? What is Economics? Limited resource and unlimited human wants      trade-offs   making choice  Nature resources, labor, physical capital,  human capital and entrepreneurship Economics: the study of choice when there is  scarcity.
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The economic way of thinking The economic way of thinking The scientific method: observation, theory,  and more observation. Use assumptions to simplify Isolate variables- Ceteris Paribus Think at the margin (marginal value) Rational people respond to incentives
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This note was uploaded on 12/06/2009 for the course ECON 201 taught by Professor Staff during the Fall '08 term at Oregon State.

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Econ 201 L1 - Econ201:Principlesof Econ201:Principlesof...

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