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Summary EC1002 Introduction to Economics - Part 1: Introduction

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  • Course
  • EC1002 - Introduction to Economics (EC1002)
  • Institution
  • University Of London
  • Book
  • Economics

Part 1 of detailed summary of EC1002 - Introduction to Economics, based on the textbook 'Economics' by Begg, Fischer, Vernasca and Dornbusch (11th edition). Beginner level, for introductory economics course. Part 1 includes following topics: - Unit 1: Economics and the economy - Unit 2: Tools of ...

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  • No
  • Chapters 1-3
  • December 16, 2018
  • 30
  • 2017/2018
  • Summary

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  • economics
  • ec1002
  • introduction to economics
  • ec1002 introduction to economics

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INTRODUCTION TO
ECONOMICS
- Part 1: Introduction -




Good luck studying!


short manual:
- includes a graph
- includes a schema/diagram
- includes an introduction
- includes additional information that
is not in the main textbook updated: 5/11/2017

, CONTENTS
CHAPTER 1: ECONOMICS AND THE ECONOMY
1.0. Introduction to Economics ………………………………………………………….. 1
1.1. How economists think about choices ………………………………………….. 3
1.2. Economic issues
1.2.1. Financial crisis of 2007 …………………………………………………….. 5
1.2.2. Income distribution …………………………………………………………. 6
1.2.3. The concept of behavioural economics ……………………………. 7
1.3. Scarcity and the competing use of resources ………………………………. 8
1.4. The role of the market ………………………………………………………………… 10
1.5. Positive and normative ……………………………………………………………….. 11
1.6. Micro and macro …………………………………………………………………………. 12

CHAPTER 2: TOOLS OF ECONOMIC ANALYSIS
2.0. Tools of economic analysis ………………………………………………………….. 13
2.1. Economic data …………………………………………………………………………….. 14
2.2. Index numbers …………………………………………………………………………….. 15
2.3. Nominal and real variables ………………………………………………………….. 17
2.4. Measuring changes in economic variables …………………………………… 18
2.5. Economic models ………………………………………………………………………… 18
2.6. Models and data …………………………………………………………………………. 19
2.7. Theories and evidence ………………………………………………………………… 20
2.8. Some popular criticisms on economics and economists ………………. 20

CHAPTER 3: DEMAND, SUPPLY AND THE MARKET
3.1. The market ………………………………………………………………………………….. 21
3.2. Demand and supply …………………………………………………………………….. 22
3.3. Market equilibrium ……………………………………………………………………… 23
3.4. Behind the demand curve ……………………………………………………………. 24
3.5. Behind the supply curve ……………………………………………………………… 25
3.6. Consumer and producer surplus …………………………………………………. 26
3.7. Free markets and price controls ………………………………………………….. 27
3.8. Markets determine production …………………………………………………… 28

, 1.0. Introduction to Economics

WHAT IS ECONOMICS?
 study of how societies make choices under conditions of scarcity

MAIN CHARACTERISTICS OF ECONOMICS
1. IT IS A SOCIAL SCIENCE
o „science“ reflects the method of analysis, not subject matter
2. IT STUDIES HUMAN BEHAVIOUR
3. IT RETAINS THE ELEMENT OF ART
o it doesn’t ignore people as individuals

WHAT IS SCARCITY?
 it means that we have limited resources to produce all the goods and services
 RESOURCE IS SCARCE  when demand at price zero > supply

GOODS SERVICES
 physical commodities  non-physical commodities
 consumed after production  consumed with production
 examples:  examples:
o apples o haircut
o computers o database maintenance

KEY ECONOMIC PROBLEM




virtually limitless desires scarcity of resources
for goods and services (labour, machinery, raw
HOW TO
materials...)
RESOLVE? :/

-1-

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