ECON 103 Lecture Notes - Lecture 1: Sunk Costs, Genderqueer, Marginal Cost

• School: University of Victoria
• Department: Economics
• Course: ECON 103
• Professor: Emma Hutchinson

Document Summary

Intro concepts- positive v normative statements, scarcity, trade-offs, (cid:271)e(cid:374)e ts, (cid:272)osts, oppo(cid:396)tu(cid:374)ity (cid:272)ost, su(cid:374)k (cid:272)osts, (cid:373)a(cid:396)gi(cid:374)al a(cid:374)alysis, (cid:373)a(cid:396)gi(cid:374)al (cid:271)e(cid:374)e t, (cid:373)a(cid:396)gi(cid:374)al (cid:272)ost, (cid:373)a(cid:396)gi(cid:374)al (cid:374)et (cid:271)e(cid:374)e t. Models- binary and non-binary decision making; marginal analysis. Micro is not: money, the stock market, pe(cid:396)so(cid:374)al (cid:374)a(cid:374)(cid:272)e, unemployment, etc. Often, interactions between economics agents occur in the context of markets. Market: any environment in which buyers and sellers make exchanges. Markets are very important in society, they are good at allocating scarce resources. This is a (cid:395)uestio(cid:374) of (cid:862)(cid:373)a(cid:396)ket su(cid:272)(cid:272)ess(cid:863) (cid:448)e(cid:396)sus (cid:862)(cid:373)a(cid:396)ket failu(cid:396)e(cid:863). Another key goal this term is to develop a deep u(cid:374)de(cid:396)sta(cid:374)di(cid:374)g of e(cid:272)o(cid:374)o(cid:373)i(cid:272) ef (cid:272)ie(cid:374)(cid:272)y. Whe(cid:374) (cid:373)a(cid:396)kets do(cid:374)"t do su(cid:272)h a g(cid:396)eat jo(cid:271), poli(cid:272)y (cid:272)a(cid:374) (cid:271)e used to i(cid:373)p(cid:396)o(cid:448)e so(cid:272)ietal out(cid:272)o(cid:373)es. To understand how public policy can improve societal outcomes in the case of where market outcome are not so good for society. Ok but what is the difference between economics and other social sciences.