ECON 101 Lecture 1: Econ101 Everything for First Midterm 18 pages
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ECON 101 Full Course Notes
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Office hours tuesday 10:00 to 11:00 am and wednesday 1:00 to 2:00 pm in lorch hall 158 rccald@umich. edu. Microeconomics any edition, paul krugman and robin wells. Have to print out quizzes and bring them into discussions need scientific calculator for exam. Econ is the study of the allocation of scarce resources over competing and alternative uses. Allocation- what we choose to use resources for. When there are competing and alternative uses, we must make choices. This ranges from the individual person to the individual markets or firms and consumers. Fields include labor, health, public resources, natural resources, environmental, What most people think of when they think of the econommy. Positive economics- branch of econ analysis that describes the way the economy actually works. Normative economics- makes prescription about the way the economy would work. Potentially testable, true of false statement this is positive econ. Example: capital punishment should be imposed for certain crimes.
