ECON 101 Lecture Notes - Lecture 1: Public Finance, Neurosurgery, Opportunity Cost

• School: U of M
• Department: Economics
• Course: ECON 101
• Professor: Ronald C Caldwell

Document Summary

Practice problems posted on weekends, solutions posted a week later. Short one page from and back, five parts. Ctools 5 days before due date, usually wednesday. Top 5 count towards grade (10 pts each) 30 questions, 5 points each (23 multiple choice and 7 true/false) Concepts discussed in class and discussion, practice problems and quizzes, logical extensions of course material (memorizing will not be enough) Formal definition: (always question on midterm) economics is the study of the allocation of scarce resources over competing and alternative uses. January 6, 2016: allocation what we choose to use resources form who gets what, how distributed, scarce not enough to go around; more wants than availability. Implies some sort of rationing must occur: resources land, labor, capital and time, competing and alternative uses choices. Always choice to make, no choices then no need for economics.