110Ch01 - ECON 110 Introductory Microeconomics Instructor...

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ECON 110: Introductory Microeconomics Instructor: Tanjim Hossain ( [email protected] ) Office Hour (room 2340): Open Door Policy TA: Astor Fok ( [email protected] ) and Teresa Lau ( [email protected] ) Tutorial: Fri 10am -11 am --- T1A: Au to Leung(LTG), T1B: Li to Zhng (room 1505) Textbook: Microeconomics , Parkin, 8 th ed. Homework 10%, Midterm 35%, Final 55% There will be approximately 6 problem sets Midterm: March 19 (tentatively) during class
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Chapter 1: Definition of Economics Our inability to satisfy all our wants is called scarcity . Because we face scarcity, we must make choices . An incentive is a reward that encourages or a penalty that discourages an action. Economics is the social science that studies the choices that individuals, businesses, governments, and societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Jacob Viner: “Economics is what economists do.”
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Titles of Some Recent Economics Papers The art of conversation Harmful addiction Doing it now or later Bad reputation Elephants Winning isn’t everything: corruption in sumo wrestling The causes and consequences of distinctively black names More guns, more crimes
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Definition of Economics Microeconomics Microeconomics is the study of choices made by individuals and businesses, and the influence of government on those choices. Macroeconomics Macroeconomics is the study of the effects on the national and global economy of the choices that individuals, businesses, and governments make.
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Two Big Economic Questions How do choices end up determining what , how , and for whom goods and services get produced? When do choices made in the pursuit of self-interest also promote the social interest ?
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Two Big Economic Questions What, How, and For Whom? What? What we produce changes over time. For example, 65 years ago, almost 25% of Americans worked on farms: Today that number is 3%.
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