ECON-251 Chapter1

ECON-251 Chapter1 - INTRODUCTION TO MICROECONOMICS Lecture...

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INTRODUCTION TO MICROECONOMICS Lecture 1
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Lecture Outline Chapter 1: h What Microeconomics Is About N What is a Market?
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What Microeconomics Is About Microeconomics: Branch of economics that deals with the behavior of individual economic units—consumers, firms, workers, and investors—as well as the markets that these units comprise. Macroeconomics: Branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment, and inflation. the study of the economy as a whole.
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Themes in Microeconomics Trade-offs i All decisions involve tradeoffs. Examples: Going to a party the night before your midterm leaves less time for studying. Having more money to buy stuff requires working longer hours, which leaves less time for leisure. N Consumers – limited income N Workers – limited time N Firms – limited resources
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Themes in Microeconomics (cont.) Prices and Markets i Microeconomics describes how prices
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ECON-251 Chapter1 - INTRODUCTION TO MICROECONOMICS Lecture...

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