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Lecture 1

ECON 20A Lecture 1: Syllabus and Introduction to EconomicsPremium

2 pages52 viewsFall 2016

Course Code
Shan, H.

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Econ 20A- Lecture 1 - Syllabus and Introduction to Economics
Basic information
Office location: SSPB 3237
Office hour: Thurs 1-2 PM
Tutoring at Economics Learning Center
Weekly homework on Aplia
Practice questions are only optional
Only graded questions are mandatory
2 practices: Aplia Introduction and review basic math concepts
First actual assignment is due in Week 2
Pop-quiz are 5% of the grade (for lecture class)
Will drop one lowest quiz score
Assignment starts next week (only for practice)
Only graded assignments start from week 2
2 midterms and 1 final
Scantron style- multiple choices question
No makeup exam
Each worth around 25% of the grade
What is Economics?
Scarcity- the limited of society’s resources
Economics- the study of how society manages its scarce resources
Principles of Economics
How each individual behave?
Principle #1- People face trade off
All decisions involve trade off (in term of time, money, etc)
Ex: taking this class for Econ 20A make you not taking the other Econ
20A on campus
Ex: government’s trade off: Efficiency vs. Equality
Ex: 10 people only need to spend 10 minutes in class for an A+;
others need more time to improve; professor will only confuse on
those 10 people (efficiency) or professor will give everyone more
time to improve his or her skill (equality)
Principles #2- Choices involving Opportunity Cost
The cost of something is what you’re giving up for
Ex: party for an hour = lose an hour to study
Opportunity Cost- Value of the next best alternative
Principles #3- Rational people think at the margin
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