{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

LectureSlides_Chapter1 - ECON 306 Intermediate...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
ECON 306: Intermediate Microeconomics Professor Anita Alves PENA Preliminaries – P&R Chapter 1 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
I t d ti Introduction f { What are the key themes of microeconomics? h k { What is a market? { What is the difference between real d i l i ? and nominal prices? 2
Background image of page 2
Th f Mi i Themes of Microeconomics { Microeconomics deals with limits z Limited budgets Li i d i z Limited time z Limited ability to produce H d ll t { How do we allocate scarce resources? 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Th f Mi i Themes of Microeconomics f { Workers, firms and consumers make trade-offs D I k ti ? z Do I work or go on vacation? z Do I purchase a new car or save money? z Do we hire more workers or buy new machinery? { How are trade-offs best made? 4
Background image of page 4
Th i d M d l Theories and Models E i i d ith { Economics is concerned with explanation of observed phenomena z Theories used to explain observed phenomena in terms of a set of basic rules and assumptions: C Th { Consumer Theory { Producer Theory z Theories used to make predictions { Models are mathematical representations used to make quantitative predictions 5
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Th f Mi i Themes of Microeconomics { Consumers z Limited incomes C Th d ib h z Consumer Theory – describes how consumers maximize their well-being, using their preferences, to make decisions about trade-offs z How do consumers make decisions about consumption and savings? 6
Background image of page 6
Th f Mi i Themes of Microeconomics { Workers z Individuals decide when and if to enter workforce { Trade-offs of working now or obtaining more education/training z What choices do individuals make in terms of jobs or workplaces?
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}