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introduction - Introduction Sandeep Bhaskar Temple...

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Introduction Sandeep Bhaskar Temple University Sandeep Bhaskar (Temple University) Introduction 1 / 29
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Outline 1 Introduction 2 Decision Making 3 Production Possibility Frontier 4 Course Outline Sandeep Bhaskar (Temple University) Introduction 2 / 29
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Introduction Economics Economics is the science that studies the human behavior as a relation between ends and scarce means that have alternative uses. It is based on certain facts: There is scarcity of goods. All our wishes cannot be met. Every resource has an alternative use. How do you decide which is the best alternative, and how does that decision influence the world? Sandeep Bhaskar (Temple University) Introduction 3 / 29
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Introduction What You Need A lot of common sense! Some fluency with graphs. Some elementary algebra. Belief: Economics is doable and can even be interesting! Sandeep Bhaskar (Temple University) Introduction 4 / 29
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Introduction Central Questions What: what to produce? Why: why should we produce that particular good? How: how to produce the good we have decided to produce? For Whom: who will use the product that you make? Sandeep Bhaskar (Temple University) Introduction 5 / 29
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Introduction Microeconomics vs Macroeconomics Microeconomics deals with individual and firm level activities. Topics include market structure, cost structures, elasticity, efficiency. Macroeconomics deals with economy level activities. Topics include business cycles, unemployment, money markets. Sandeep Bhaskar (Temple University) Introduction 6 / 29
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Introduction Positive vs Normative Positive Economics: Talks about what is. Normative Economics: Talks about what should be. Sandeep Bhaskar (Temple University) Introduction 7 / 29
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Introduction Four Players Households Firms Government Rest of the World Sandeep Bhaskar (Temple University) Introduction 8 / 29
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Introduction Three Markets Goods Markets Factors Markets Financial Markets Sandeep Bhaskar (Temple University) Introduction 9 / 29
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Decision Making Economic Assumptions Economics makes certain assumptions in the models it presents: Agents are rational in the sense that they want to maximize their benefits and take actions accordingly.
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