ECON 1 Lecture Notes - Lecture 1: Normative Economics, Opportunity Cost
#1 Tuesday 1/16 (Ch.2)
Course information
● Read syllabus, check out class website for additional information
● Letter of introduction due in section this week
● Grading
○ Section (25%)
■ Attendance (3%)
■ Presentation (8%): 2 group presentations.
■ Participation (7%)
■ Essay (7%): due at the end of the semesters
○ Problem sets (7%)
■ Weekly, graded for completeness, PS1 due in section week of 1/22
■ Optional practice PS available closer to exams
○ Midterm (20%): on 2/27
■ Lecture, textbook, problem sets, readings, up to 2/26
○ Final (45%): Cumulative
○ iClicker (3%)
■ Allowed to miss up to 3 lectures and still get full credit, starts 1/23
■ 1-2 questions per lecture
● Class schedule
○ 1/16: chapter 2 and skip circulation-flow diagram
○ 1/18: finish ch2 and ch3
○ 1/23: chapter 4
○ 1/30: chapter 5
○ No class on 2/22 and 3/13 but regular section
What is economics?
● Microeconomics is the study of how consumers and firms make decisions when there are trade offs
● Macroeconomics is the study of economy-wide phenomena, including inflation, unemployment, and
economic growth
Why economics matter
● Understand how the economy works
● Understand modern society: broad view of society and policy making issues using rigorous tools
● Make better choices as a citizen
● Make better choices in your personal finances
● Strong career opportunities
What economists do
● Scientists: try to explain the world
Document Summary
Read syllabus, check out class website for additional information. Letter of introduction due in section this week. Essay (7%): due at the end of the semesters. Weekly, graded for completeness, ps1 due in section week of 1/22. Optional practice ps available closer to exams. Lecture, textbook, problem sets, readings, up to 2/26. Allowed to miss up to 3 lectures and still get full credit, starts 1/23. 1/16: chapter 2 and skip circulation-flow diagram. No class on 2/22 and 3/13 but regular section. Microeconomics is the study of how consumers and firms make decisions when there are trade offs. Macroeconomics is the study of economy-wide phenomena, including inflation, unemployment, and economic growth. Understand modern society: broad view of society and policy making issues using rigorous tools. Make better choices in your personal finances. Positive statements: attempts to describe the world as it is. Normative statements: attempts to prescribe what to do. (what should be done)
