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Introduction_and_Overview - • Voters know preferred level...

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Introduction and Overview Business Matters Text Study Guide Sections Weekly quizzes Help room Web site Grading
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How to succeed in this course Read assignments before class Come to class Do every problem set Use the help room and review sessions Take every quiz Keep your papers in order Get to know your TA Enjoy economics
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What’s in the course? Basic tools Markets Household decision making Market Failure Market Structure Information economics
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Why study economics Practical usefulness Think rationally Succeed in business Understand why you are paid – earn more Prosper in investments Think and act strategically Understand the world Change the world
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The median voter model School board election Board decides on expenditure per student
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Unformatted text preview: • Voters know preferred level of expenditure • Candidates promise a level of expenditure • Voters vote for the candidate closest to their preferred level • Candidate who matches the preference of the median voter wins the election Economic policy in a democracy • The political process gives citizens what they ask for • Better economic understanding leads to better economic policy – Deregulation of transportation and telecommunication – Markets for pollution – Auctions of the spectrum – Congestion tolls Make the world a better place • Learn economics • Be informed about economic issues • Influence others about economic policy...
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