UCLA ECON 1 - Economics 1_Lecture 1 (2 pages)

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Economics 1_Lecture 1



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Economics 1_Lecture 1

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Lecture number:
1
Pages:
2
Type:
Lecture Note
School:
University of California, Los Angeles
Course:
Econ 1 - Principles of Economics

Unformatted text preview:

Economics 1 Principles of microeconomics Monday April 2 2012 Lecture 1 Office Hours in Bunche 2255 Until May 1 Monday 2 3 30 PM Wednesday 7 8 PM After May 1 Monday 2 3 30 PM Wednesday 2 3 30 PM Introduction and Overview The Big Ideas What is economics all about Economics the study of how society which is made up of individual allocates scarce resources among competing uses for those resources Scarcity comes about due to unlimited wants Key points UNLIMITED WANTS vs LIMITED RESOURCES SCARCITY CHOICES DO NOT TO DO Example if class got cancelled and you do something else instead What you do instead is called the opportunity cost Opportunity cost highest value use sacrificed when a decision is made Limited Resources Need to decide who gets the resources HOW DO WE ALLOCATE RESOURCES Economics 1 Principles of microeconomics Monday April 2 2012 Lecture 1 1 Violence a Favors the violent big b discriminates against the weak and meek 2 First come first serve a favors the people with low values on their time b discriminates against those with high values on their time 3 Personal characteristics a favors those who posses personal characteristics b discriminates against those who do not possess the personal characteristics 4 Legal allocations a favors those who are legally politically powerful b discriminates those who cannot hire a lawyer 5 Market a favors the wealthy rich b discriminates against the poor Sell talents to acquire an income always tailor the competition to something that you do well and then become competitive for goods and services Example someone who is argumentative would be a good lawyer someone who has favored personal characteristics would be a good game show host



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