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Economics & Statistics
ZEWZentrum für EuropäischeWirtschaftsforschung -
Mannheim
Peter SchmidtWho am I
market . research . culture
You are highly motivated students
have to carry your individual workload:Nr Date Unit / contents
1Mon, 27 April 2009
Section I: Introduction- 10 Principles of Economics (Mankiw); Basic Concepts of Economics- Chapter 1: Economics for Business
2Section II: Understanding Markets- Chapter 2: Consumers in the Market Place- Chapter 3: Firms in the Market Place (part I)
3- Chapter 3: Firms in the Market Place (part II)- Chapter 4: Markets in Action
4Section III: Competition and ProfitabilityChapter 5: Market structure and Firm PerformanceChapter 6: Strategic Rivalry
5Review Microeconomics and questionsSection IV: Domestic MacroeconomicsChapter 9 : An introduction to the macro economy
6Chapter 10: Measuring Macroeconomic Variables and Policy IssuesChapter 11: Fiscal and Monetary PolicyEconomic Theory and Policy: The IS/LM-Model
7Completion of chapter 11. Overview chapter 12: Supply Side Policies
8Section V Global EconomicsOverview chapter 13 Exchange Rates and the Balance of Payments and Chapter 14 GlobalizationReview, questions, exam preparation
Every field of study has its own terminology
Mathematics
axiomsintegrals
vector spacesPsychology
egoid
cognitive dissonanceLaw
torts
venues
Promissory estoppel
Every field of study has its own terminology
Economics
Supply
Demand
Elasticity
Consumer Surplus
Comparative advantage
Opportunity cost
Deadweight loss
Economics trains you to. . . .
Think in terms of alternatives. Evaluate the cost of individual and
social choices. Examine and understand how
certain events and issues are related.
The Economist as a Scientist
The economic way of thinking . . . Involves thinking analytically and
objectively. Makes use of the scientific method.
The Scientific Method
Uses abstract models to help explain how a complex, real world operates.
Develops theories, collects, and analyzes data to prove (or dismiss) the theories.
Observation, Theory and More Observation!
Ten Principles of Economics
Chapter 1
Copyright © 2001 by Harcourt, Inc.
All rights reserved. Requests for permission to make copies of any part of the
work should be mailed to:
Permissions Department, Harcourt College Publishers,6277 Sea Harbor Drive, Orlando, Florida 32887-6777.
A household and an economy face many decisions:
Who will work? What goods and how many of them
should be produced? What resources should be used in
production? At what price should the goods be
sold?
Society and Scarce Resources:
The management of society’s resources is important because resources are scarce.
Scarcity . . .
. . . means that society has limited
resources and therefore cannot
produce all the goods and services
people wish to have.
Economists study. . .
How people make decisions.
How people interact with each other.
The forces and trends that affect the economy as a whole.
Ten Principles of Economics
1. People face tradeoffs.
2. The cost of something is what you give up to get it.
3. Rational people think at the margin.
4. People respond to incentives.
I How People Make Decisions
5. Trade can make everyone better off.
6. Markets are usually a good way to organize economic activity.
7. Governments can sometimes improve economic outcomes.
II How People Interact
Ten Principles of Economics
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