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Principles of Economics I
George Washington University
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Browse the full collection of course materials, past exams, study guides and class notes for ECON 1011 - Principles of Economics I at George Washington University verified by our …

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Steven Suranovic

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Class Notes

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ECON 1011 Lecture Notes - Lecture 1: Deductive Reasoning, Inductive Reasoning

ECON 1011 Lecture Notes - Lecture 2: Barter

ECON 1011 Lecture Notes - Lecture 2: Invisible Hand, Profit Motive, Human Nature

Value of oxygen rises when used underwater. 4 important economic principles: the profit motive and self-interest, the division of labor, mutually volun

ECON 1011 Lecture Notes - Lecture 3: Marginal Utility

Deductive reasoning- if x, then y. assumptions leading to conclusions. You take a set of assumptions and principles that you believe to be true and val

ECON 1011 Lecture Notes - Lecture 3: Stop Sign, Inductive Reasoning, Marginal Utility

Deduction: if a, b, c, then x, y, z. Inductive reasoning: if we observe y then x could explain it. y= observations, Observations, data, then demonstrat

ECON 1011 Lecture Notes - Lecture 4: Indifference Curve, Pareto Efficiency, Edgeworth Box

Pure exchange model- both people gain benefit from trade, in the context of this model. The assumptions are incorporated and we are assuming the follow

ECON 1011 Lecture Notes - Lecture 5: Marginal Utility, Perfect Information

Along all other assumptions of a perfect exchange model, smith and jones are self interested individuals. They care about their own utility, that"s wha

ECON 1011 Lecture 6: Production, Trade, and Comparative Advantage

ECON 1011 Lecture Notes - Lecture 7: Edgeworth Box, Opportunity Cost, Autarky

* all visuals are from online lecture notes, econ 1011. Production possibilities depend on his personal preferences, represented by his difference curv

ECON 1011 Lecture Notes - Lecture 8: Budget Constraint, Indifference Curve

ECON 1011 Lecture Notes - Lecture 9: Economic Surplus, Demand Curve

Lecture 9 - demand elasticities, and consumer surplus. Price elasticity of demand and ped at point on demand curve. Note that absolute value keeps the

ECON 1011 Lecture Notes - Lecture 10: Opportunity Cost, Fixed Cost, Variable Cost

Require capital (machinery, equipment, inputs into the production process) Natural resources used to produce a physical product. Profit- owners are alw

ECON 1011 Lecture Notes - Lecture 11: Taipei Metro, Economic Surplus, Marginal Revenue Productivity Theory Of Wages

Monopoly can influence price and quantity of produced goods in the market. Example: most hotels (with different names) are operated by the same overall

ECON 1011 Lecture Notes - Lecture 14: Marginal Revenue, Oligopoly, Market Power

More than two firms in the marketplace that all produce a similar product. When there is an oligopoly, they have market power which means that they are

ECON 1011 Lecture Notes - Lecture 15: Taipei Metro, Marginal Revenue, Marginal Cost

Each one cannot affect the market price, due to how many firms there are. Each one is an infinitesimal supplier to the marketplace. All firms are ident

ECON 1011 Lecture Notes - Lecture 16: Marginal Cost, Fixed Cost

Supply functions in markets are given by the summation of the marginal cost curves. Adding up all these firms inverse marginal costs will get us the ma

ECON 1011 Lecture 18: Lecture 15: Theory of Market Supply

ECON 1011 Lecture 19: Lecture 16 Market Measurements & Changes

ECON 1011 Lecture Notes - Lecture 20: Oligopsony, Variety Store, Monopsony

Perfect competition: many many consumers in the market. Incumbent firm (original firms) profit face reduction of profit. Distinguishing your good: uniq

ECON 1011 Lecture Notes - Lecture 21: Sherman Antitrust Act, Airbnb, Competition Law

Lecture 18 - government policies: taxes and subsidies. Utilitarian notions of ethics- maximize the sum total well-being of the community: economically

ECON 1011 Lecture 22: Econ Lecture 19 Effects on International Trade and Tariffs

Lecture 19: effects on international trade and tarrifs. Both sides are giving up some of their surplus value for tax. Less on consumers, more on produc

ECON 1011 Lecture 23: Lecture 20 Government Policies

ECON 1011 Lecture Notes - Lecture 24: Price Gouging, Monopsony, Economic Surplus

2 ways to deal with a gasoline shortage: no price increases (price gouging laws enforced) Some people who wait long in line get a small amount of gas.