Ch1 - semester, either I havent done my job or you havent...

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Click to edit Master subtitle style 1/22/11 Economics 2013 SPRING 2011 UTSA - METZGER LECTURE 1 – DOING THE RIGHT THING.
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1/22/11 Two Basic Questions What is economics? Why should I care?
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1/22/11 So What Is Economics Economics is the study of how people (or firms, organizations, society as a whole) make choices given scarce resources, but unlimited wants Scarcity refers to the limited nature of society’s resources Some problems we can use economics to answer:
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1/22/11 Decision Making Principles Decision making is the heart of Economics l if you aren’t a better decision maker by the end of the
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Unformatted text preview: semester, either I havent done my job or you havent paid attention! Principle #1: People Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Principle #3: Rational People Think at the Margin 1/22/11 Principles of Interaction Though some people may not like it, living on this planet requires interaction with other people l an economy is just a group of people interacting with one another Principle #5: Trade can make everyone better off Principle #6: Markets are Usually a Good...
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Ch1 - semester, either I havent done my job or you havent...

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