Chapter 2 Lecture Outline - Economics 101H Vandan Desai...

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Economics 101H Vandan Desai P a g e | 1 Chapter 2: Thinking Like an Economist (Lecture Outline) -------------------------------------------------------------------------------------------------------------------------- I. Every field of study has its own terminology A. Mathematics: Integrals, Axioms, Vector Spaces B. Psychology: Ego, Id, Cognitive Dissonance C. Law: Promissory, Estoppel, Torts, venues D. Economics: Supply, Opportunity Cost, Elasticity, Consumer Surplus, Demand, Comparative Advantage, Deadweight Loss II. Economics trains you to… A. Think in terms of alternatives. B. Evaluate the cost of individual and social changes. C. Examine and understand how certain events and issues are related. III. The economic way of thinking… A. Involves thinking analytically and objectively like a scientist. B. Makes use of scientific method. IV. The Scientific Method A. Uses abstract models to help explain how a complex, real world operates. B. Develops theories, collects, and analyzes data to evaluate the theories. C. Pays close attention to the natural experiments offered by history. i.
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This note was uploaded on 10/31/2010 for the course ECON 202 taught by Professor - during the Fall '08 term at Community College of Baltimore County.

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Chapter 2 Lecture Outline - Economics 101H Vandan Desai...

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