week1 - Chapter 1 The Economic Way of Thinking I hope this...

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Chapter 1 The Economic Way of Thinking I hope this course will let you profit from and enjoy increased skills: - Reading comprehension - Conceptual thinking - Application of theory to situations in Your personal life Your professional life Your community life What is the “economic way of thinking?” - Keynes quote p. 6
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Basic premise of the economic way of thinking p. 6: “All social phenomena emerge from the actions and interactions of individuals who are choosing in response to expected additional benefits to themselves.” Really? Everybody? - Stock market participants? - College lecturers? - Politicians? - Mother Theresa? (p. 17)
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Economizing and trade-offs Economizing means getting the most of what you want from what you have - Scarcity makes this necessary - Free goods are available in unlimited quantity - Scarce goods require tradeoffs – to get some you must give up something else - Time is scarce for everyone What must you give up (trade off) in order to be in this class?
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Coordination We all have intentions that may often conflict (freeway, library cafe) Yet we usually manage to cooperate without conflict
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week1 - Chapter 1 The Economic Way of Thinking I hope this...

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