Class notes
Intro to Economics
- Course
- Institution
Lecture notes of 18 pages for the course Introduction To Economics at LSE (Best notes)
[Show more]
Seller
Follow
wasmug210406
Content preview
Lecture 6: Introduction to basicconcepts
Preliminaries
,Economics
• Origin: Greek words oikos (house) and nomos (laws)
• Laws or rules related to house/ households
• Mankiw: “…households and economies have much in common.”
• Choice of HUL211
• Textbook definitions
• Adam Smith: an inquiry into the nature and causes of the wealth of nation
• Marshall: study of man in the ordinary business of life
• Robbins: a science which studies human behavior as a relationship betwe
ends and scarce means
, Decision making
• People face trade-offs
• HUL211 and, say, HUL212; guns and butter
• Efficiency: getting maximum benefit from the scarce resources; Equity:
whether the benefits are uniformly distributed in the society
• There is always an opportunity cost
• Cost of the opportunity forgone/ next best alternative
• Studying and being in the job market
• People are rational
• People purposefully do the best they can to achieve their objectives
• Marginal benefits and marginal costs, airline pricing
• People respond to incentives
• Attendance policy at IIT, childcare experiment in Israel
• Tax policies
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller wasmug210406. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now