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Lecture 1

ECON 20A Lecture 1: Syllabus and Introduction to Economics

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University of California - Irvine
Shan, H.

Econ 20A Lecture 1 Syllabus and Introduction to Economics Syllabus Basic information Office location: SSPB 3237 Office hour: Thurs 12 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 Popquiz 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 societys 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: governments 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 youre 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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