ECON1101 Lecture Notes - Lecture 1: Paper Plane, Sydney Water, Normative Economics
ECON1101 Introduction:
● Read Chapter 1 and 2 for tomorrow
● Look at the course outline (full outline)
● Every week upload tutorials for the following week
● Tutorials begin next week and end in week 12
● Before tutorials work on the tutorial questions learning by doing
● Keep up with the material for quizzes aka doing the tutorial questions and
reading the chapter.
● Assessments:
○ Quizzes: 15% -> 5 out of 6 quizzes averaged
○ Mid Semester Exam: 25%
○ Semester Exam: 60%
● Keep up with the material, attend the lecture and do readings and participate in
tutorials
● Consultation times posted on wattle at the end of the week
● Paul Chen uploads tutorial questions on the thursday and friday which links to
the lecture material
● Microeconomic vs Macroeconomics:
○ Microeconomics studies the behaviour of individual firms and households
or specific markets
○ Macroeconomics focuses on the whole economy not individual markets
e.g. monitors how the price changes or the business cycles including
fluctuation
● Topics:
○ An Introduction to economics -> 1 week
○ Supply and Demand -> 4 weeks
○ Economics of the firms e.g. Gold market which is competitive and
monopolies like Sydney Water -> 3 weeks
○ Factor markets e.g. to produce something they need inputs like labour
capitals
○ Taxes, Public Goods and externalities -> 1 week
○ International Trade
● In the course we are going to use both positive and normative analysis
● Positive analysis: Descriptive statements of cause and effect e.g. Lower wages
for low wage workers will lead to an increase in demand for those workers
● Normative analysis: Statements that embody value judgements dependent on
people’s values e.g. The government should lower wages for the poor
● Use simple models with simplifying assumptions (assuming rationality e.g.
DON’T knowing make choices to hurt themselves make choices in their best
interest and maximising behaviour)
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Read chapter 1 and 2 for tomorrow. Look at the course outline (full outline) Every week upload tutorials for the following week. Tutorials begin next week and end in week 12. Before tutorials work on the tutorial questions learning by doing. Keep up with the material for quizzes aka doing the tutorial questions and reading the chapter. Quizzes: 15% -> 5 out of 6 quizzes averaged. Keep up with the material, attend the lecture and do readings and participate in tutorials. Consultation times posted on wattle at the end of the week. Paul chen uploads tutorial questions on the thursday and friday which links to the lecture material. Microeconomics studies the behaviour of individual firms and households or specific markets. Macroeconomics focuses on the whole economy not individual markets e. g. monitors how the price changes or the business cycles including fluctuation. An introduction to economics -> 1 week.
