lecture2

lecture2 - Lecture 2 Econ 115a Prof Guinnane and the...

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Unformatted text preview: Lecture 2: Econ 115a Prof. Guinnane and the World’s Best Teaching Fellows December 27, 2009 Today: Intro to Supply and Demand 1 Plan for today: • Course Details • Review: – Scarcity – Opportunity Cost – Economic Modeling • Demand • Supply (maybe next time) • Equilibrium (next time) 2 Announcements • No Section or Problem Sets this Week • Section sign-up to start “soon” • Sections and Homework Next Week • Grading – 20% Homework, 30% Midterm, 50% Final – “On a Curve” – Traditionally, Econ curve is much tougher than Yale College average – But, we are going a bit soft. – And you’re Yalies. If you wanted easy grades you would have gone to Harvard. 3 Last Time • Econ = “Allocation of Scarce Resources” • Scarcity → “Opportunity Cost” • Opportunity Cost → Trade-Offs 4 Other Ideas from Last Time • Micro vs. Macro • Market Allocation vs. “Mixed Econ” vs. Gov’t • Normative vs. Positive • “Model” vs. “Reality” 5 Allocations and Trade-Offs • within Household • within Firm • Markets, connecting households and firms • within Gov’t • between Gov’t, Households and Firms • with / between countries, regions, etc....
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lecture2 - Lecture 2 Econ 115a Prof Guinnane and the...

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