Lecture Notes for ECON 190 - Principles of Economics with Wilson at Saint Louis (SLU)

Notes Information

Material Type:Class Note
Class:ECON 190 - Principles of Economics
University:Saint Louis University
Term:Fall 2009
  • Law of Supply
  • The Law of Supply
  • Common Resource
  • Social Surplus
  • The Economy
  • Investment Interest
  • Law of Supply and Demand
  • Economic System
  • Determinants of Supply
  • Market Failures
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Sample Document Text

Course Overview ECON-190 Principles of Economics 0. Classroom Exercise . What is economics about? . What do economists seek to do? I. Introduction A. Deflnitions . What is an economy? . What is economics? B. Methodology . Scientiflc method . Models C. Miscellaneous . Positive versus normative analysis (economists as scientists versus policy-makers) . Microeconomics, macroeconomics, and econometrics 1 II. Microeconomics A. Decision-making Principles . It's all about incentives . Trade-ofis and opportunity cost (no free lunch) . Cost-beneflt analysis; rational agents and thinking on the margin - MC, MB, TC, TB . The PPF B. Demand and Supply I - Basics . Market Model Law of demand; determinants of demand; movements along (change in QD) and shifts (change in D) Law of supply; determinants of supply; movements along (change in QS) and shifts (change in S) Equilibrium, disequilibrium, law of supply and demand and market clearing Change in equilibrium . Elasticity Price elasticity of dem...

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