M607-W10-Chapter_01

M607-W10-Chapter_01 - Chapter 1 Introduction This is an...

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Chapter 1. Introduction MSci 607: Applied economics for management (winter 2010) Instructor: Bon Koo This is an introductory chapter for this course. We will talk about the definitions of different branches of economics, including managerial economics. The approaches and topics covered in this course will be discussed, along with the overview of the course.
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What is economics? § What is your definition of economics? Some people say that economics is about the study of money. So, economists s hould be rich; otherwise they are not a good economist! Others (many engineers) say that economics is about the costs of production. H ow to produce a product in a cheapest way is the gist of economics. Some economists joke that economics is whatever economists do. § A common view of economics is that it is the study of individual’s be havior and their interactions. Then, it may be indistinguishable from some disciplines (e.g., sociology, politics, psychology, etc.), because they also study people and their interactions. What distinguishes economics from other social sciences is the approach it take s (e.g., optimization, equilibrium, etc.), not the topics it deals with. A few non-conventional topics in economics include: economics of crime, marria
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This note was uploaded on 02/16/2010 for the course MTH 10 taught by Professor Gail during the Spring '10 term at 4.1.

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M607-W10-Chapter_01 - Chapter 1 Introduction This is an...

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