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Economics Exam 1 Notes (Got A+ on the test)

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ECON 2000
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Why study economicsTo learn a way of thinkingoOpportunity CostValue of what you give up an economic activity or decisionYou give up 100Value of the next best use of resources used100EX 75 Eric Capton Ticket in your pocket that you can sell for 100 What is the opportunity cost of going to the concertDo not pay attention to sunk costsEconomic CostsOpportunity costsEconomic profit Revenue less Econ costTerminology Note possible sources of terminology Greek Latin ectNames of peopleEX New tonics Mechanics Euclidian GeometryCommon English words but with a much more narrow meaningEX scarcescarcityEnglish synonym rareEconomics limited relative to overall need a desireEX water in South LA vs Southern CalioTime As an LSU student vs summer vacation in grade schooloDestination free items are usually not scarceoMarginalism best optimal decisions are very often based on the last or marginal unitsmore recent with point of economic thoughtEX firm should we produce one more unitMarginal cost vs Marginal revenue Individual should I have one more beer However beer may affect rationality is the way to answer your questionoEfficient marketsMarket clearingUnbelievable opportunities are rareUsually should be believed Terminology note No free lunchoMore often introduced with opportunity cost To understand societyhistoryTo be an informed citizen such as for votingThe Scope of Economics not in text bookSocial science oA science
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