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ECON 20A- Final Exam Guide - Comprehensive Notes for the exam ( 248 pages long!)Premium


Department
Economics
Course Code
ECON 20A
Professor
Jiawei Chen
Study Guide
Final

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UC-Irvine
ECON 20A
Final EXAM
STUDY GUIDE

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Econ 20A- Lecture 1 - Syllabus and Introduction to Economics
Syllabus
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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Rational people- want to make the best for themselves
Think of small changes to whatever they are doing
Ex: study an hour more to get a better grade or get another hour
of sleep
Marginal thinking is thinking incrementally
Not think about the opportunity cost
Only think one step extra instead of the whole concept
Principles #4- People respond to incentive
Motivate people to do something or not to do something
Government uses punishment to prevent people speeding by giving out
speeding ticket
Government uses incentive by high taxes on certain things
Can have direct and indirect effects
How People Interact?
Principles #5- Trade can make everyone better off (Trade creates value)
Mutually beneficial partnership
Ex: Forget the scantron during the test but professor is selling it for $2
while the store that is 10 minutes away is selling it for 50 cents
Some will pay $2 for the scarton to save the 10 minutes for the
test
The professor makes profit off the scantron
The students save time for the test
Some will walk to the store and waste the 10 minutes of the test
Principles #6- Markets are a good way to organize economic activity
Decentralized- Markets let people trade with each other
Ex ( from above): trading will benefit both
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