Ch. 1 Outline - Homoeconomicus Self-interest versus selfish...

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Economics 1B – The Economic Approach Chapter 1 Outline for 1/28/10 – 2/2/10 A. Review exchange Basic model Implications a. b. c. d. e. f. B. What is economics Definition Ludwig von Mises Inexact science C. Definitions Theory Resources Economic goods Free goods Technology Institutions Opportunity cost Rational self-interest At the margin or marginal analysis 1
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Property rights Fallacy of composition Post hoc fallacy Other fallacies Private choice Public choice Positive analysis Normative analysis Microeconomics Macroeconomics D. Anything that takes time, effort or money costs more than you think Include all costs a. b. Transaction a. b. c. Information Time E. Economic behavior is rational
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Unformatted text preview: Homoeconomicus Self-interest versus selfish Self interest is individual F. Choices are made at the margin What is at the margin Why is it important 2 Example - studying G. Prices are signals Barter Goods and services are exchanged to In the political process a. b. c, H. Other concepts Economists do not allocate for society a.In market for goods and services b.In the political market c.Will the means chosen reach the ends desired 1.Philosophical 2.Empirical 3.Predictive Money but not too much a. GDP and number of dollars b. Changes c. Expectations I. Graphing 3 4...
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This note was uploaded on 09/08/2010 for the course ECON 1B at San Jose State University .

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Ch. 1 Outline - Homoeconomicus Self-interest versus selfish...

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