Basic principles of econ, analysis, key ideas, markets, resources (3 pages)

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Basic principles of econ, analysis, key ideas, markets, resources



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Basic principles of econ, analysis, key ideas, markets, resources

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The first of our lectures, Dr. Clark spent a lot of time looking at key economic ideas, markets, resources, and how households and firms operate within markets.


Lecture number:
1
Pages:
3
Type:
Lecture Note
School:
The University of Oklahoma
Course:
Econ 1123 - Princ. of Econ-Micro
Edition:
1

Unformatted text preview:

ECON 1123 1st Edition Lecture 1 Outline Lecture One I Economic Analysis A Model Building B Ceteris Paribus C Efficiency Versus Equity II Some Key Ideas A Scarcity and Choice B Opportunity Cost C Choosing at the Margin D Incentives E Market Efficiency III Economic Resources A Labor B Capital C Land D Entrepreneurship IV Characteristics of Competitive Markets V Characteristics of Imperfectly Competitive Markets VI Market Structures VII Output Markets and Resource Markets VIII Choosing at the Margin IX Households Versus Firms Lecture 1 Notes X Economic Analysis We begin to make our Economic Analysis with Observations that become data then we develop explanations theories then we test the theories Empirical More Data More theories more empirical testing etc D Model Building An economic model is a stylized representation of reality E Ceteris Paribus In empirical data many economic conditions are changing at the same time The simplifying assumption of ceteris paribus means that we focus on one KEY relationship at a time and all other economic conditions held conceptually constant F Efficiency Versus Equity Efficiency Positive Economics is doing the best with what you ve got versus Equity Normative Economics is dealing with what is fair or just Note Two types of Efficiency Productive Efficiency producing goods at the lowest possible cost These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Allocative Efficiency distributing goods to the people who value them the most XI Some Key Ideas F Scarcity and Choice Scarce resources are limited resources G Opportunity Cost H Choosing at the Margin I Incentives J Market Efficiency XII Economic Resources Ultimately these things are scarce E Labor human abilities used to produce material goods and services F Capital human made aids to production examples machinery tools factories goods used to produce other goods G Land all natural



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