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Title: Intro to Microeconomics - Principles of Microeconomics
Description: The first of 17 topics from my Intro to Microeconomics course at Kent State. The textbook used for the readings can be found here https://openstaxcollege.org/textbooks/principles-of-microeconomics for free.
Description: The first of 17 topics from my Intro to Microeconomics course at Kent State. The textbook used for the readings can be found here https://openstaxcollege.org/textbooks/principles-of-microeconomics for free.
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Topic 1: Principles of Microeconomics
Sunday, June 14, 2015
4:11 PM
Readings
Chapter 1
Appendix A
What is Economics?
Economics is a social science as psychology, sociology, political science, etc
...
These "agents" may be people, institutions, firms, governments, etc
...
Positive Economics
Normative: What should happen
Positive: What will happen
Economists focus on the POSITIVE statements NOT the normative statements
...
e
...
e
...
You will NEVER get your "money's worth"
Principle 4: Efficiency
Principle 5: Markets
If resources are scarce, the next question is how should those resources be allocated
to satisfy limitless wants and needs?
The answer is that resources should be allocated efficiently
A market is an arrangement that allows buyers and sellers to interact and
exchange goods and services
...
Whether an allocation is fair is a normative question
...
If markets are functioning efficiently then government interventions
tend to mess things up
If markets are NOT functioning efficiently then the government may
be able to make things better
...
Prices are key!
Prices act as a signal of what to produce, create incentives for some
firms to produce, and determine who buys the product
Title: Intro to Microeconomics - Principles of Microeconomics
Description: The first of 17 topics from my Intro to Microeconomics course at Kent State. The textbook used for the readings can be found here https://openstaxcollege.org/textbooks/principles-of-microeconomics for free.
Description: The first of 17 topics from my Intro to Microeconomics course at Kent State. The textbook used for the readings can be found here https://openstaxcollege.org/textbooks/principles-of-microeconomics for free.