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ECON 208 (210)

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Economics (Arts)
ECON 208
Irakli Japaridze

Econ 208 Lecture 1May 1 2013 Administrative NotesOffice hours are Fridays at 100 pmTA hosting conferences every day before 900 and after 500 class o Conferences highly recommended as TA will cover problem sets o Cancelled ConferencesMay 8 500 onlyMay 9May 10May 21 500 onlyMay 22May 23Textbook sold at Paragraphe comes with study guide and my EconLab o Questions will be taken from the problem sets thus is it highly recommended we do the problemsInclass midterm in two weeks 15 hours o Multiple choiceStandard 3 hour final o Multiple choice and maybe long answer depending on how we progress IntroductionEconomy means household management from ancient GreekAristotle the first to write about economyMicroeconomics is about running a household o In ancient times the household encompassed both consumers and producersFocus on consumers households and producers firmsWhy study microeconomics Resources are limited o Ifyoulivealimitlesslifeyoudontcare o Animals understand that resources are not limited there is not an abundance of prey thus they compete for foodWithout this there would be no evolutionOpportunity costs every dollar spent on something is not spent on something elseMicroeconomy is how consumers make choices based on limited resources and how producers try to maximise profits Chapter 3 Demand Supply and Price DemandQuantity demanded total amount of a product consumers desire to purchase in some time period
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