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Lecture 1

ECON 1010 Lecture 1: Lecture 1

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University of Manitoba
ECON 1010
Laura K.Brown

o|92 Principles of Microeconomics Economics: 1. Economics is a discipline that can tackle nearly every issue of public relevance/concern 2. Economists are employed in a wide variety of areas including the financial/non-financial business sectors, government, international agencies, trade unions and non-profit associations 3. Deals with questions related to individual agents – consumers, firms, governments or industries 4. Macroeconomics deals with aggregates: the production of the whole national economy, the level of unemployment in the nation or province, overall exports to and imports from foreign nations, the overall rate of inflation 5. Also deals with government policies that affect the entire economy 6. Factors of production: land, labour, capital (machinery) CHAPTER 1 – Ten Principles of Economics: 1. Economics: “one who manages a household” 2. Households and society face many decisions 3. Households must allocate its scarce resources among its carious members, taking into account each members abilities, efforts, and desires 4. The management of society’s resources is important because resources are scarce 5. Scarcity: the limited nature of society’s resources 6. Economics: the study of how society manages it scarce resources 7. Economists study how people make decisions and how people interact with one another 8. There are ten economic principles on which virtually all advanced economic theory is built 9. These principles can be grouped into 3 groups: o How people make decisions o How people interact o How the economy as a whole works How People Make Decisions: 1. An economy is just a group of people interacting with one another as they go about their lives Four Principles of Individual Decision Making: 1. Principle #1: People face tradeoffs OS98 1. Efficiency: the property of society getting the most it can from its
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