-Thinking like an Economist
1.-Think most the goods (not the money) everything has a cost.
2 -The cost is the opportunity that has to be sacrificed in order to fascinate something or do something.
3 -You cant do everything. Time and resources ar scarce
4-.Comp atomic number 18 Benefits and Costs
5. When deciding how many, think at the margin.
The marginal unit is the last unit that you buy, sell or wont.
?Marginal benefits are the benefits provided by the last unit.
?Marginal be are the opportunity cost of the last unit.
Introduction: Lecture 2
-Economic Thinking, What is economics?
6-People respond to incentivesâ€"sometimes in unexpected ways.
7. Prices that study all costs provide the best incentives.
8. Statistical findings are a lot misleading
1-The Scientific Method: Observation, Theory, and More Observation
In economics, conducting experiments is often difficult and sometimes impossible
2-The Role of Assumptions
Economists make assumptions for the same primer coat: Assumptions can simplify the complex world and make it easier to understand
economists use different assumptions to answer different questions.
3-Economic Models
they are most often composed of diagrams and equation. economic models omit many details to bring home the bacon us to see what is truly important.
As we use models to probe various economic issues throughout this book, you will see that all the models are built with assumptions.
Positive versus Normative Analysis
are descriptive
are prescriptive
2-3a Differences in Scientific Judgments
economists hold different normative views slightly the tax system because they come different positive views about the responsiveness of saving to tax incentives.
Differences in Values
, policies cannot be judged on scientific grounds alone. Economists give conflicting advice sometimes because they have different values.
Lecture 3: Free Markets, Exchange and Money
Free-Market administration most economic activity...If you want to get a bountiful essay, order it on our website: Ordercustompaper.com
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