MICROECONOMICS - Introduction (Chapters 1 and 2) Principles...

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Introduction (Chapters 1 and 2) Principles of Microeconomics, Mankiw et al. 5th Cdn Edition Introduction to Microeconomics (ECO 1104F) University of Ottawa
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1. Introduction General Information 1. Instructor: Claude Théoret 2. Email: ctheoret@uottawa.ca 3. Course website: http://www.uottawa.ca Exams Course notes (ppt) Calendar 4. Office hours: tba 5. Textbook and Student Guide Available from campus bookstore.
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1. Two mid-term examinations 2@25% = 50% Multiple-choice questions only. 2. One (1) final examination Weight = 50% Coverage: Entire course material Multiple-choice questions only. Tuesday June 14th; 5:30-8:30 pm; FTX 147 A&B Student Evaluation
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Introduction Chapter 1
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1. Introduction Learning Objectives 1. Learn that economics is about the allocation of scarce resources. 2. Examine some of the tradeoffs that people face. 3. Learn the meaning of opportunity costs. 4. See how to use marginal reasoning when making decisions. 5. Discuss how incentives affect people’s behaviour. 6. Consider why trade among people or nations can be good for everyone. 7. Discuss why markets are a good, but not perfect, way to allocate resources. 8. Learn what determines some trends in the overall economy.
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1. Introduction Ten Principles of Economics Economy Greek word for “one who manages a household.” Households and economies face many decisions 1. Who will work? 2. What goods and how many of them should be produced? 3. What resources should be used in production? 4. At what price should the goods be sold?
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1. Introduction Ten Principles of Economics Economics the study of how society manages its scarce resources. The management of society’s resources is important because resources are scarce. Scarcity society has limited resources cannot produce all the goods and services people wish to have.
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1. Introduction Ten Principles of Economics How people make decisions (microeconomics). 1. People face tradeoffs. 2. The cost of something is what you give up to get it. 3. Rational people think at the margin. 4. People respond to incentives. 5. Trade can make everyone better off. 6. Markets are usually a good way to organize economic activity. 7. Governments can sometimes improve economic outcomes.
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1. Introduction Ten Principles of Economics Trends and forces that affect how the economy as a whole works (macroeconomics). 8. The standard of living depends on a country’s production. 9. Prices rise when the government prints too much money. 10. Society faces a short-run tradeoff between inflation and unemployment.
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Principle #1: People Face Tradeoffs. “There is no such thing as a free lunch!”
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1. Introduction Making decisions requires trading off one goal against another. Principle #1: People Face Tradeoffs.
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MICROECONOMICS - Introduction (Chapters 1 and 2) Principles...

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