UCLA ECON 1 - Economics 1_Lec ture 2 (3 pages)

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Economics 1_Lec ture 2



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Economics 1_Lec ture 2

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Lecture number:
2
Pages:
3
Type:
Lecture Note
School:
University of California, Los Angeles
Course:
Econ 1 - Principles of Economics

Unformatted text preview:

Economics Principles of microeconomics Wednesday April 4 2012 Lecture 2 Review Economics the study of how society which is made up of individual allocates scarce resources among competing uses for those resources A function of fact that we have an unlimited amount of things we want to do but a limited amount of resources tangible and intangible that makes us allocate our time Methods of Completion violence first come first serve personal characteristics legal allocations marketing all discriminating against those who won t get the goods Removing one form of competition does not remove the competition the form of competition just moves into some other arena Preview 3 Universal questions Society s organization Rule for making the most out of the limited resources 1 Three Universal Questions asked from all types of societies What are we going to use the resources to produce How are we going to produce For whom Not all societies ask these questions in the same manner How are all the questions answered Tradition o the way it has always been done o set ways to produce something not a dynamic economy Central planning easy to explain it s always been done this way Economics Principles of microeconomics Wednesday April 4 2012 Lecture 2 o Social democratic elected representatives that can be replaced if unhappy o Autocratic no feedback system not many exist but can relate it to North Korea Market consumers reveal what they want the resources to be used for o tell suppliers what they want and how they ll use it The market is what we will focus most on We are so used to having products there at our convenience So how does the market do it HOW ARE ECONOMIC THEORIES JUDGED form a hypothesis o needs to be a positive statement get data does the hypothesis explain behavior o Yes a good theory o No not a god theory Positive statement a true false FACT that people can agree upon whether it is true false Ex the world is flat wrong but based on fact Normative statement based upon values



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