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Lecture

Introduction to Microeconomics-Lecture 1 Notes!.docx

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Department
Economics
Course
ECN 104
Professor
Mikhail Gurvits
Semester
Fall

Description
Introduction: Wants: Needs and desires for Goods + Services. (G + S). 1) Wants are Unlimited. a) Wants may be satisfied by consuming G + S. b) Resources are required to produce G + S. 2) Resources are limited/Scarce. Most for the least. Unlimited} = Choices Limited/Scarce} = Choices -Best use of Scarce Resources. -Efficient Resource allocation. Minimize the Opportunity Cost: -Alternative Sacrificed. -When a Choice is made. Economics: 1) Microeconomics: -Specific/Individual. -Household/Business/Industry. 2) Macroeconomics: -Aggregates; the entire economy. Positive Statements: Facts; What is. Normative Statements: Opinion; What ought to be. Resources/Inputs/Factors of Production: 1) Land: All Natural Resources on/under the earth, in air and in water. 2) Labour: All physical/mental, skilled/unskilled work. 3) Capital: All man-made tools, machines, equipment etc, used for further production. 4) Enterprise: Combines/directs all other resources. Circular Flow: Households: 1) Demand Goods + Services. 2) Supply Resources. Busi
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