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

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

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:
Lecture Note
University of Oklahoma
Econ 1123 - Princ. of Econ-Micro

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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.

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