Lecture%201%20January%2019

Lecture%201%20January%2019 - Economics 102 Introduction to...

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Economics 102 Introduction to Microeconomics Section 4 Prof. Douglas Blair
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Today’s Agenda Central Themes of Economics Economics as a Social Science Administrative Matters
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What is economics? Two ways to answer subject matter methods of analysis
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The subject matter of economics “Economics is the study of mankind in the ordinary business of life.” Alfred Marshall Alternatively… “Economics is the study of the use of scarce resources to satisfy unlimited human wants.”
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Some basic economic themes. .. Scarcity What's your number? How much is enough? It may be more than you think…
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“I had a fascinating conversation recently with Jann Wenner, the founder of Rolling Stone . Here’s a guy who’s probably got three or four hundred million dollars—he’s got a Gulfstream II and a house here and a house there, and you can’t imagine what trappings he could want from the next level. But he’s got this gleam in his eye because he’s telling me about how he spent the weekend with Paul Allen [co-founder of Microsoft]. He said that Paul Allen
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Lecture%201%20January%2019 - Economics 102 Introduction to...

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