Introduction To Microeconomics Lecture Notes

Starting with the market, consumers and producers followed by demand and production. The Microeconomics of Product Markets 4. Check the following talk links to see which ones work correctly: Auto Mode HTTP Progressive Download Send us your results from the above test links at [email protected] Course Title Introduction to Microeconomics Course Discipline Economics Units of Credit Three (3) Pre-requisite None Semester of Offering Semester I 2015/2016 Course Description ECON 1001 - Introduction to Microeconomics Introduction to Economics I, is one of the core courses offered by the Department of Economics. 3: There is an initial endowment of factors in the economy. Chapter 1-Ten Principles of Economics (PDF) Chapter 1-Ten Principles of Economics (PPT) Chapter 2-Thinking Like an Economist (PDF) Chapter 2-Thinking Like an Economist (PPT) Chapter 3-Interdependence and the Gains from Trade (PDF) Chapter 3-Interdependence and the Gains from Trade (PPT) Chapter 4-Supply and Demand (PDF). BS1163 – INTRODUCTION TO MICROECONOMICS. Power laws. Introduction to Economics. The Microeconomics of Factor Markets Method of Instruction: 1. Introduction to microeconomics The new Paper F1/FAB, Accountant in Business carried over many subjects from its Paper F1 predecessor, but also includes several subjects that are new to the syllabus. 62 Before this question can be answered, the data must be summarized as succinctly (concisely, briefly) as possible, since the number of sample points is frequently large and it is easy to lose track of the overall picture by looking at all the data at once. Loading Unsubscribe from CourseHack? Cancel Unsubscribe. Definition of EconomicsThe study of how societychooses to allocate itsscarce resources to theproduction of goods andservices in order to satisfyunlimited wants 2. on microeconomics will become accessible. Within microeconomics, you will study the concepts of demand and supply, elasticities, government intervention and market failure. Introduction to Economics Lecture Notes 1. Economics Theory Through Applications. Study practice exams; review lecture notes and study guides. Clearly, this is a transfer of learning problem that is owned jointly by schools, employees, and employers. An Introduction to Behavioral Economics Home > Resources > An Introduction to Behavioral Economics Get a special deal on the Behavioral Economics & Psychology in Marketing online course. Cowell STICERD and Department of Economics London School of Economics December 2004. They are in pdf format. Choose your language All Docsity's contents are fully available from any. July, 2013. For instance, with a nite budget, a consumer may have. You might think of them as little quizzes, which you can use to hone your skills. ARE 202 – Applied Microeconomics Welfare: Tools and Applications Spring 2018 (first half) Thibault FALLY 202ARE Lecture notes - 01 - Introduction - handout. Chapter 2 (for review only). This chapter discusses how consumers make consumption decisions given their preferences and budget constraints. 1 Markets - simulations and activities ; Section 2. On Stuvia you will find the most extensive lecture summaries written by your fellow students. Microeconomics - 1: Introduction to Microeconomics! CourseHack. With few exceptions, the articles are also summarized in Romer or Blanchard and Fischer. Fixed costs (FC) - costs that do not change as production is increased or decreased. Those of you who will choose later to specialise in economics, for your higher studies, will know about the more complex. Microeconomics Theory by author M. Economists are divided between those who think that the failure to successfully integrate the two. Navigation. (a) The budget line is c1 +c2 = 195. 112A Instructor: Dr. Economics 102 Lecture Notes Fall 2019 Introduction Scarcity and Choice. Textbook and Lecture Notes. Course Outline 1. Syllabus; Introduction to Microeconomics Introduction to Microeconomics - Models Introduction to Microeconomics - Optimization Introduction to Microeconomics - Equilibrium and Empiricism Consumer Behavior (PDF). The emphasis is on theory, although data guides the theoretical explorations. Introduction to Probability and Statistics: Limit Theorems (English) Math 131A. 0, ISBN 0-13-148411-7, Pearson Prentice Hall, Upper Saddle River, NJ, 2005. PDF | On Jan 1, 2007, Tönu Puu and others published introduction to mathematical economics We use cookies to make interactions with our website easy and meaningful, to better understand the use. Please disable Internet Explorer's compatibility mode. Required Workbook: Principles of Microeconomics Workbook, (Green) You must bring your workbook to every class meeting. Introduction to Game Theory. It shows how the people of the concerned area earn their living. Students as well as instructors can answer questions, fueling a healthy, collaborative discussion. Microbes, an introduction. collegeboard. Microeconomics Consumers, firms, and general equilibrium: Arne Hallam (Iowa State), Microeconomics Nolan Miller (Harvard), Lecture Notes on Microeconomic Theory Robert Nau (Duke), Seminar in Choice Theory Sten Nyberg (SSE), Advanced Microeconomics Ariel Rubinstein (Tel Aviv), Lecture Notes in Microeconomic Theory: The Economic Agent. Expected Utility 3. See the complete profile on LinkedIn and discover Sicong’s connections and jobs at similar companies. The book is based on the lectures delivered at the XCIII Session of the ´Ecole de Physique des Houches, held in August, 2009. Gregory Mankiw. Tetsuro Mori, a. With the help of Notes, candidates can plan their Strategy for particular weaker section of the subject and study hard. In this textbook you can read about how to develop models that describes how an economy works. • Now computing hardware is ubiquitous, cheap, and small. Complete solutions to all questions. It has gotten 488 views and also has 4. Our free AP Microeconomics Practice Tests are each a selection of 10 to 12 questions, which will give you a cross-section of topics from the Microeconomics section of the official AP. -Project Management Processes, Methodologies, and Economics by Shtub, Bard, Globerson 2 Instructor's Solutions Manual -Psychology The Science of Mind and Behavior by Passer, Smith 5 Test Bank -Psychology Frontiers and Applications, Fourth Canadian Edition by Passer 4 Test Bank. We will study section 2 of. View Notes - Lecture 14 F19 from ECON 001 at University of Pennsylvania. I will appreciate learning of any typos and/or errors. The PPC will shift outward: If additional productive resources are made available. Economic agents (workers, consumers and rms) have to choose among di erent possibilities. Daily Lecture Notes 5 DID YOU KNOW? Economists reward their greatest for breakthrough discoveries. Jan 28 Lecture 1 Mankiw 1-3 Feb 4 Lecture 2 Mankiw 3-4 Feb 11 Lecture 3 1st hour: Experiment 1: Equilibrium Price and Quantity; 2nd and 3rd hours: review of experiment and Mankiw 5 Feb 18 Lecture 4 Chap 5-7 Feb 25 Lecture 5 Chap 8, Chap 10 Mar 3 Lecture 6 Chap 10-11 Mar 10 Lecture 7 1st hour: Experiment 2: Tragedy of the Commons; 2nd and 3rd. The main aims for this module are: To provide a sound basis in the fundamentals of micro-economics and their. Varian, Hal. Whereas macro studies how the aggregate economy behaves, with reference to inflation, price levels, rate of growth, national income, unemployment and more, micro focuses on individual decisions. Economics can't help you make a selection from this box of chocolates, but can be a vital tool in other decision-making situations. Introduction to Course and Economics Lecture Notes 1. The reaction of Austrian house-holds to an increased rate of capital taxation is a macroeconomic problem. EC3008 Industrial Economics-Lecture notes & handouts. Bring a printed copy so that you can take notes by hand and draw graphs on it during the class. Prerequisite: Intermediate Microeconomics. Author Katherine Sauer. Summary: Introduction to Economics - Textbook Notes Thorough chapter notes for the textbook: Economics, John Sloman, Alison Wride, Dean Garrat, 8th edition, Pearson, 2012. Lecture 09. Lecture Notes on the Principles of Microeconomics Eric Doviak 3 rd Edition, June 2005 Thankyoufordownloadingmynotes. These notes will then be graded on a 10 point scale. Some of these are topics already presented in 15. Questions Microeconomics (with answers) 2a Elasticities 01 Price elasticity of demand 1 If the price rises by 3 %, the quantity demanded falls by 1. FACULTY OF BUSINESS AND ECONOMICS. ECON2101/ ECON2210 – Intermediate Microeconomics. 38 videos Play all MIT 14. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. No nal year undergraduate student in economics is expected to nd in these notes any concept or idea he is not already familiar. Atsushi Kajii, Lecture notes, to be posted online. The main aims for this module are: To provide a sound basis in the fundamentals of micro-economics and their. \Program-ming" was a military term that referred to activities such as planning schedules. Thorough chapter notes for the textbook: Economics, John Sloman, Alison Wride, Dean Garrat, 8th edition, Pearson, 2012. They are not a substitute for the lectures. 2 Tue 96 06 28 3 Sun 96 07 02. Economics 102: Introduction to Microeconomics Microeconomics: The study of how resources are allocated to various uses in society. net, 4shared. Introduction to Probability and Statistics: Limit Theorems (English) Math 131A. And sometimes the little things are easier to work with. Josh Hug in Lecture 8: Capacitors and Inductors, Node Voltage with Capacitors and Inductors, and Setting Up and Solving ODEs. Mankiw Macroeconomics PDF contains chapters of economics like National Income, Economic Growth, Introduction to Economic Fluctuations Aggregate Demand, Stabilization Policy Government Debt and Budget Deficits etc. Microeconomics: Microeconomics is defined as the branch of economics which deals with the action of individuals and small groups of individuals of an economy. Premium access to all notes and study guides. This article provides a broad overview of microeconomics. Microeconomics - 1: Introduction to Microeconomics! CourseHack. 3 Bounds on the Values of Contingent Claims 49 5. • Please check the “Announcements” section of Avenue regularly. However, you will not want to use this text, as it is more advanced and uses calculus throughout the text. Microeconomic Principles First Exam — Spring - Casper College. Note that this company also has an intermediate microeconomics textbook (Introduction to Economic Analysis by R. Indicative Texts. Lecture Notes Course Home Syllabus Calendar Module 1:. The emphasis in Microeconomics 3 is on deepening students' understanding of the basic principles of microeconomics and learning how to use. Introduction to Microeconomics Ariel (2012) Lecture Notes in. Calculate the price elasticity of demand. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Chapter 13 continued. Teachers of microeconomics need no longer rely upon scattered lecture notes to supplement their textbooks. Study how markets work, and gain a real understanding of the role of economics in business and in public and private decision making. Osborne and Ariel Rubinstein, A Course in Game Theory, The MIT Press, 1994. Practice Exam: Last Year's Midterm 1 (Answers) Practice_MT2_econ101_withanswers 4. Introduction to Matching. Types of Economy. Two-page lecture notes are Quickly. vanZandt, T. Search Search. where y: 2 1 X: 3 1 : 2 3. microeconomics you need to register. Chapter 13 continued. Epidemics on networks. Principles of Microeconomics – 1001 Syllabus Winter 2018 Instructor: Professor Kosnik Course Time: MW 9:30-10:45 a. 2 The 15 credits of elective subjects must be taken as follows: 6 credits of humanities (HU). - And Many Other Awesome Books. Positive versus normative analysis i. lecture, follow the key points your instructor is making, and write down meaningful notes. Economics Class 12 Revision Notes Microeconomics Chapter 1 Introduction. As a social science, economics takes a logical, model-building approach to the behaviour of people and. 01SC Principles of Microeconomics MIT OpenCourseWare Micro Unit 1 Summary- Basic Economic Concepts - Duration: 29:37. Loading Unsubscribe from CourseHack? Cancel Unsubscribe. Economic agents (workers, consumers and rms) have to choose among di erent possibilities. - Choice under Uncertainty: Lotteries, Expected utility theory, First order stochastic dominance, Risk aversion. Managerial Economics assists the managers of a firm in a rational solution of obstacles faced in the firm’s activities. txt) or read online for free. \Program-ming" was a military term that referred to activities such as planning schedules. Course materials (for your personal use only; download free Adobe Acrobat Reader for pdf files) Syllabus. Reading : Stephen Happel and Marianne Jennings, “Herd Them Together and Scalp. Course Objectives: This course is a graduate level introduction to microeconomics. Microeconomics vs. Introduction to Development Fall 2008 Figure 1: Estimates of the distribution of countries according to log GDP per capita in 1820, 1913 and 2000. com, rapidgator. Course Prerequisites. day/ date monday 14107/2014 tuesday 15/07/2014 yea university of nairobi college of education and external studies school of education supplementary examinations 14th - 18th july, 2014. Topics include the theory of perfectly competitive markets, welfare analysis and the role of government in the economy, theory of the firm (production and costs), game theory, and effects of market structure on resource allocation. Gregory Mankiw. These class notes were uploaded by an elite notetaker Sophie Reitz-Bouren at Indiana University on Oct 08 2018. Consumers' satisfaction There are two sides in a market for a good DEMAND SUPPLY Created by Consumers Created by firms. ISBN 9780131392632. Biology 1290B Lecture Notes 1-7 1 Biology 1290B: An introduction to general microbiology. To do well in economics, you must develop a deep understanding of economic theories, developments in the field, and applied math. Course Code: Course Name: Category: Year: Professor: Description: Download: TA201: Manufacturing Processes: Assignment: 2013: Anish Upadhyay: TA201 Home Assignment 1 2013. Brenda Gunderson is a senior lecturer at the University of Michigan Department of Statistics in the College of Literature, Science, and the Arts. Types of Competition. 14 Monopoly Fall 2010. To decide what to produce and in what quantities, it is first necessary to know what is obtainable. (b) The budget line has a kink at the zero-savings point. (i) Wealth maximization is superior to the profit maximization because the main aim of the business concern under this concept is to improve the value or wealth of the shareholders. LECTURE NOTES IN GENERAL EQUILIBRIUM THEORY 1 by Nicholas C. Economics Lecture Notes - Chapter 2 DEMAND AND SUPPLY will be taught in economics tuition in the second and third weeks of term 1. These lecture notes were prepared by Xingze Wang, YingHsuan Lin, and Frederick Jao specifically for MIT OpenCourseWare. MICROECONOMICS is about 1. Similarities between microeconomics and macroeconomics. Every time you decide to buy something, somewhere an economist is crunching numbers. Author Katherine Sauer. Contents 1 TheMarket4 2 BudgetConstraint8 3 Preferences10 4 Utility 14 5 Choice 18 6 Demand 24 7 RevealedPreference27 8. Lecture Notes: Lecture 1 - Introduction Lecture 2 - Graph Theory and Social Networks Lecture 3 - Erdos-Renyi Graphs and Branching Processes Lecture 4 - Erdos-Renyi Graphs and Phase Transitions. Studying the long-run performance of the economy (Economic Growth) 3. Lecture Notes on Economic Growth(I): Introduction to the Literature and Neoclassical Models Xavier Sala-i-Martin. It is a foundation course for the understanding of economics and contributes to the Department’s commitment to supporting students in their quest to understand the. Build new skills or work towards a degree at your own pace with free Saylor Academy college courses. 01SC Principles of Microeconomics MIT OpenCourseWare Micro Unit 1 Summary- Basic Economic Concepts - Duration: 29:37. Intermediate Microeconomics by Jinwoo Kim 1. PDF Pindyck Microeconomics 8th Edition Solutions Manual Free download pindyck microeconomics 8th edition solutions manual PDF PDF Manuals Library. Textbook (Recommended): Acemoglu, Laibson, List, Microeconomics, 2nd edition, Pearson. Originally written during the summer of 1987 in preparation for Econ97 (Senior Seminar) at Wabash College, they were substantially revised during the summer of 1990. Introduction to Microeconomics. Below is a topic-by-topic listing of the available study notes for the macroeconomics topics for Year 1 (AS) A Level Economics here on tutor2u. If more productive ways of combining resources are found. 301 Introduction to the Visual Arts - Spring 2007; 14. Microbes, an introduction. With few exceptions, the articles are also summarized in Romer or Blanchard and Fischer. I want to thank the translation team for their effort. By sugata On February 14, 2012 · Add Comment LS-3: Introduction to Inner Product Space [] LS-4: Spectral Theory; LS-5. This PDF book include microeconomics 8th edition pindyck solutions manual ch4 conduct. - Introduction to the theory of choice: Preference relations, Representation of preferences via utility functions. See the policy above for missed exams and other assignments. This is the feasibility question. As a result, you should avoid missing class if at all possible and you should do your best to keep up with the material. I strongly suggest printing out the slides, placing them in a binder, and then taking notes from class on the printouts. The only way to learn it is to keep going over it, work the problems in your study guide, and THINK about what you are doing at each step. The Bachelor of Science in Entrepreneurial Innovation will prepare graduates for the changing world of business. Economists study the economy. The lecture notes grade will constitute 5% of the course grade or 50 points. Learn ways to think about how humans allocate resources, including markets and prices, consumer and producer behavior, and risk and cost measurement. Chapter 2 (for review only). Fixed costs (FC) - costs that do not change as production is increased or decreased. Cowell STICERD and Department of Economics London School of Economics December 2004. The only way to learn it is to keep going over it, work the problems in your study guide, and THINK about what you are doing at each step. 003) offered regularly at Vienna University of Technology. - And Many Other Awesome Books. In every generation, economists attempt to integrate microeconomics and macroeconomics by providing "microfoundations. The next few slides are from the 2013 lectures, and they are not current. Some of the spreadsheets require the StatPlus Add-in. Whereas macro studies how the aggregate economy behaves, with reference to inflation, price levels, rate of growth, national income, unemployment and more, micro focuses on individual decisions. A preliminary syllabus is attached. Click here for syllabus. The lecture notes combine the approaches of and adapt materials in both books. CSS economics past papers questions by topic. Macroeconomics - is concerned with the aggregate performance of the. Introduction to Microeconomics Business , Mathematics , Social Science The primary objective of the microeconomic course is to increase the student’s awareness of economic issues concerning markets, the price system, the allocation of resources, income distribution, the role of government, the profit motive, and capitalism. Microeconomics then considers patterns of supply and demand as dictated by the aggregate of individual decisions and the factors that influence these cost-benefit relationships. Economics 703: Advanced Microeconomics []. Introduction to Course and Economics Lecture Notes 1. The 1999 Nobel Prize for Economics went to Robert A. Module Title: Introduction to Microeconomics. pdf Micro chapter 1 & 2. Curious about the major works and figures in the study of the nature of reality and existence? From Plato to Foucault, we break down the main ideas in philosophical thought. Introduction to macroeconomics Resources are scarce, so figuring out how to allocate resources is the fundamental problem that the field of economics works to solve. Com and Engineering Students. •Consumer Behaviour; Reflects totality of consumer’s decisions with respect to the acquisition, consumption and disposition of goods, services, time and ideas by human decision-making units over time. The purpose of an AP course in Microeconomics is to provide a complete understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the larger economic system. Brenda Gunderson is a senior lecturer at the University of Michigan Department of Statistics in the College of Literature, Science, and the Arts. Introduction to probability 2. In this textbook you can read about how to develop models that describes how an economy works. These equations are derived from the economic model and have two parts – observed variables and disturbances. Mathematics 490 – Introduction to Topology Winter 2007 Example 1. Video created by University of Illinois at Urbana-Champaign for the course "Country Level Economics: Macroeconomic Variables and Markets". Micro principles are used in macro economics. important that good lecture notes are made, essays are thoughtfully written and background reading is undertaken. ISBN 9780131392632. Prerequisite: Intermediate Microeconomics. Below you can find the Course Guides for each level of study. Descriptive statistics, probability estimation, hypothesis testing, and regression analysis. >>>CLICK HERE<<<. Textbook and Lecture Notes. Introduction You must have already been introduced to a study of basic microeconomics. It is a foundation course for the understanding of economics and contributes to the Department's commitment to supporting students in their quest to understand the. The latest reviewed version was checked on 10 April 2019. - Choice under Uncertainty: Lotteries, Expected utility theory, First order stochastic dominance, Risk aversion. This set of lecture notes was used for Statistics 441: Stochastic Calculus with Applications to Finance at the University of Regina in the winter semester of 2009. rainer-maurer. Principles of Microeconomics by Greenlaw and Shapiro, Chapters 1 and 2 and Appendix A. If you continue browsing the site, you agree to the use of cookies on this website. The subtopics for each lecture are related to the chapters in the textbook. - Game Theory: Simultaneous-move games, Games with incomplete information, Dynamic games. • Development of VLSI technology led to the introduction of microprocessor, microcomputer, and microcontroller. Whereas macro studies how the aggregate economy behaves, with reference to inflation, price levels, rate of growth, national income, unemployment and more, micro focuses on individual decisions. Prerequisites: Economics 121 requires a course in introductory microeconomics. Economics 14 Class Notes Spring 2005 Introduction Scarcity and Choice. A single firm or firms belonging to an industry is called worm’s eye view of an economy. W hat is meant by entrepreneurship? The concept of entrepreneurship was first es-tablished in the 1700s, and the meaning has evolved ever since. Stable Matchings and Orderly Markets. We will study section 2 of. See the policy above for missed exams and other assignments. Insurance. Frank Howland for his many editorial suggestions and substantive comments. Download files for later. nthropology is the scientific study of the origin, the behaviour, and the physical, social, and cultural development of humans. Avoid resits and get better grades with material written specifically for your studies. It helps in rapid introduction of new products. Candidates who are pursuing in Class 12 are advised to revise the notes from this post. We don't offer credit or certification for using OCW. Since 1982, Professor Oster has taught primarily in the Management School, where she teaches the core microeconomics class for MBA students and a course in the area of com-petitive strategy. , Principles of Microeconomics, ActiveBook Version 2. microeconomics multiple choice questions and answers File: mic01. Before you can view them you must expand them with either PKZIP available here or WinZip available here. „ Mandatory lecture notes (presentations during lectures, seminars) „ Several applied econometrics textbooks are recommended: Enders, W. Meritnation provides Studymaterial for CBSE Class 12-commerce ECONOMICS. For more details on utility maximization and preferences, chapters 2 and 3 of the Kreps book are great. Candidate at UC Lecture Notes for Advanced Macroeconomic Theory I Introductory Microeconomics textbook. This is a survey of the literature on Economic Growth. Sole proprietorship and partnership form of business organization are mostly run on small scale basis. Course Details: Introduction to Statistical Theory for Economics and Business; Basic statistical methods. As such the book relies on a relatively high level of abstraction and focuses on the concepts and the techniques of economic analysis rather than on the understanding of speci-c economic phenomena or institutions. The notes are incomplete and to be filled during the lecture. Principles of Microeconomics – 1001 Syllabus Winter 2018 Instructor: Professor Kosnik Course Time: MW 9:30-10:45 a. After observing Pepsi’s choice Coke decides whether to fig ht the entry (F) by, for example, price cuts and/or advertisement campaigns, or acquiesce (A). 1 What is Game Theory? We, humans, cannot survive without interacting with other humans, and ironically, it some-times seems that we have survived despite those interactions. The course will follow the topics in: “An Introduction to Industrial Organization”, by L. Introduction These lecture notes cover a one-semester course. Mankiw Macroeconomics PDF contains chapters of economics like National Income, Economic Growth, Introduction to Economic Fluctuations Aggregate Demand, Stabilization Policy Government Debt and Budget Deficits etc. The third book is aimed at upper-division undergraduate students of microeconomics in agricultural economics and economics. • A project is a series of complex, connected activities with a common purpose – Our most common context is a project to develop or refine a program, but principles of project management apply to. Within microeconomics, you will study the concepts of demand and supply, elasticities, government intervention and market failure. The reaction of Austrian house-holds to an increased rate of capital taxation is a macroeconomic problem. 1] - What is econometrics? The Line as an Example. Also Read [PDF] Macroeconomics by Mankiw PDF Free Download. Module Number: BS1163. Choose your language All Docsity's contents are fully available from any. The textbook for Introduction to Psychology I and II is available in a loose-leaf form, 3-hole punched together with a digital eTextbook for about $95 at the Carleton bookstore. At the heart of the study of microeconomics is the analysis of the market behaviors of individuals in order to better understand their decision-making process and how. An Introduction to Behavioral Economics Home > Resources > An Introduction to Behavioral Economics Get a special deal on the Behavioral Economics & Psychology in Marketing online course. Download files for later. To download free pindyck, robert s. Economics Notes Download. Lecture 5: Linear rational expectation system. This course webpage for Principles of Microeconomics at Marietta College as taught by Greg Delemeester includes lecture notes, old exams (multiple-choice and short answer) and individual trivia questions. Place your pointer on the desired file below and double click with the left mouse button. There will not be a heavy emphasis on mathematics, but coverage will nonetheless be rigorous and analytical. Norton and Company. CSS economics past papers questions by topic. 013, and some are new. Chapter 10: Linear Programming 1. Whereas macro studies how the aggregate economy behaves, with reference to inflation, price levels, rate of growth, national income, unemployment and more, micro focuses on individual decisions. course provides a solid grounding in microeconomics for those wishing to pursue further education in economics. Class 12 Economics Microeconomics Introduction – Get here the Notes for Class 12 Economics Microeconomics Introduction. Note: These notes and accompanying spreadsheets are preliminary and incomplete and they are not guaranteed to be free of errors. Economics Defined - Economics is the study of the ALLOCATION of SCARCE resources to meet UNLIMITED human wants. In addition to this, HL students study theory of the firm. Every time you decide to buy something, somewhere an economist is crunching numbers. : “Applied Econometric Time Series“, 2nd edition, 2003 Harris, R. Piazza is a free online gathering place where students can ask, answer, and explore 24/7, under the guidance of their instructors. behavior of a durable goods monopoly (my own lecture notes). The notes owe much to the brilliant TA™s Ariel and I had, Sevgi Yuksel and Bernard Herskovic. ISBN 13: 978-0-273-76324-6, ISBN 10: 0-273-76324-5. INTRODUCTION a matter of understanding, forecasting, or policy guidance. The fact-checkers, whose work is more and more important for those who prefer facts over lies, police the line between fact and falsehood on a day-to-day basis, and do a great job. Today, my small contribution is to pass along a very good overview that reflects on one of Trump’s favorite overarching falsehoods. Namely: Trump describes an America in which everything was going down the tubes under  Obama, which is why we needed Trump to make America great again. And he claims that this project has come to fruition, with America setting records for prosperity under his leadership and guidance. “Obama bad; Trump good” is pretty much his analysis in all areas and measurement of U.S. activity, especially economically. Even if this were true, it would reflect poorly on Trump’s character, but it has the added problem of being false, a big lie made up of many small ones. Personally, I don’t assume that all economic measurements directly reflect the leadership of whoever occupies the Oval Office, nor am I smart enough to figure out what causes what in the economy. But the idea that presidents get the credit or the blame for the economy during their tenure is a political fact of life. Trump, in his adorable, immodest mendacity, not only claims credit for everything good that happens in the economy, but tells people, literally and specifically, that they have to vote for him even if they hate him, because without his guidance, their 401(k) accounts “will go down the tubes.” That would be offensive even if it were true, but it is utterly false. The stock market has been on a 10-year run of steady gains that began in 2009, the year Barack Obama was inaugurated. But why would anyone care about that? It’s only an unarguable, stubborn fact. Still, speaking of facts, there are so many measurements and indicators of how the economy is doing, that those not committed to an honest investigation can find evidence for whatever they want to believe. Trump and his most committed followers want to believe that everything was terrible under Barack Obama and great under Trump. That’s baloney. Anyone who believes that believes something false. And a series of charts and graphs published Monday in the Washington Post and explained by Economics Correspondent Heather Long provides the data that tells the tale. The details are complicated. Click through to the link above and you’ll learn much. But the overview is pretty simply this: The U.S. economy had a major meltdown in the last year of the George W. Bush presidency. Again, I’m not smart enough to know how much of this was Bush’s “fault.” But he had been in office for six years when the trouble started. So, if it’s ever reasonable to hold a president accountable for the performance of the economy, the timeline is bad for Bush. GDP growth went negative. Job growth fell sharply and then went negative. Median household income shrank. The Dow Jones Industrial Average dropped by more than 5,000 points! U.S. manufacturing output plunged, as did average home values, as did average hourly wages, as did measures of consumer confidence and most other indicators of economic health. (Backup for that is contained in the Post piece I linked to above.) Barack Obama inherited that mess of falling numbers, which continued during his first year in office, 2009, as he put in place policies designed to turn it around. By 2010, Obama’s second year, pretty much all of the negative numbers had turned positive. By the time Obama was up for reelection in 2012, all of them were headed in the right direction, which is certainly among the reasons voters gave him a second term by a solid (not landslide) margin. Basically, all of those good numbers continued throughout the second Obama term. The U.S. GDP, probably the single best measure of how the economy is doing, grew by 2.9 percent in 2015, which was Obama’s seventh year in office and was the best GDP growth number since before the crash of the late Bush years. GDP growth slowed to 1.6 percent in 2016, which may have been among the indicators that supported Trump’s campaign-year argument that everything was going to hell and only he could fix it. During the first year of Trump, GDP growth grew to 2.4 percent, which is decent but not great and anyway, a reasonable person would acknowledge that — to the degree that economic performance is to the credit or blame of the president — the performance in the first year of a new president is a mixture of the old and new policies. In Trump’s second year, 2018, the GDP grew 2.9 percent, equaling Obama’s best year, and so far in 2019, the growth rate has fallen to 2.1 percent, a mediocre number and a decline for which Trump presumably accepts no responsibility and blames either Nancy Pelosi, Ilhan Omar or, if he can swing it, Barack Obama. I suppose it’s natural for a president to want to take credit for everything good that happens on his (or someday her) watch, but not the blame for anything bad. Trump is more blatant about this than most. If we judge by his bad but remarkably steady approval ratings (today, according to the average maintained by 538.com, it’s 41.9 approval/ 53.7 disapproval) the pretty-good economy is not winning him new supporters, nor is his constant exaggeration of his accomplishments costing him many old ones). I already offered it above, but the full Washington Post workup of these numbers, and commentary/explanation by economics correspondent Heather Long, are here. On a related matter, if you care about what used to be called fiscal conservatism, which is the belief that federal debt and deficit matter, here’s a New York Times analysis, based on Congressional Budget Office data, suggesting that the annual budget deficit (that’s the amount the government borrows every year reflecting that amount by which federal spending exceeds revenues) which fell steadily during the Obama years, from a peak of $1.4 trillion at the beginning of the Obama administration, to $585 billion in 2016 (Obama’s last year in office), will be back up to $960 billion this fiscal year, and back over $1 trillion in 2020. (Here’s the New York Times piece detailing those numbers.) Trump is currently floating various tax cuts for the rich and the poor that will presumably worsen those projections, if passed. As the Times piece reported: