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Comm220 Ch 1.pdf

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COMM 220
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CHAPTER 1PRELIMINARIES Key Concepts and TopicsThe Themes of MicroeconomicsWhat is a MarketReal versus Nominal PricesWhy Study Microeconomics MicroeconomicsStudy of the behaviour of individual economic units ie consumers workers firms investors etc and the market that formed by these economic units Themes of MicroeconomicsMicroeconomics deals with limits eg budgets time ability to produceHow do we make the most of limitsHow do we allocate scarce resources TradeOffsWorkers firms and consumers must make tradeoffsDo I work or go on vacationDo I purchase a new car or save my moneyDo we hire more workers or buy new machineryHow are these tradeoffs best made ConsumersLimited incomesHow do consumers maximize their well being using their preferences to make decisions about tradeoffs Consumer TheoryHow do consumers make decisions about consumption and savings WorkersIndividuals decide when and if to enter the workforceTradeoffs of working now or obtaining more educationtrainingWhat choices do individuals make in terms of jobs or work placesHow many hours do individuals choose to workTradeoff of labor and leisure thSource Pindyck and Rubinfeld 2009 Microeconomics 7 Ed Pearson Prentice Hall Chapter 1 1
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