Академический Документы
Профессиональный Документы
Культура Документы
D.W. Hedrick
Instructional Method
Primarily Lecture format with discussion,
simulations, and video presentations
Constructive discussion is welcomed
Grading is based on Aplia Homeworks
(20%), five of seven quizzes (20%), three
midterms (20% each), and an optional
comprehensive final (replaces lowest
midterm) NO MAKEUPS GIVEN
Instructional Method
Suggestions for the study of economics
Read the book before coming to class
Recopy lectures and reread the book within
several hours of class
Identify what you dont understand
Definition of Economics
Mankiws definition
How Society manages its scarce resources
Hedricks definition
How society chooses to allocate its scarce resources
among competing demands to best satisfy human wants
Alternative definitions
Economics is the study of choice.
Economics is what economist do.
Wikipedia's perspective
Economics as a Science
The Scientific Method
Observation Hypothesis Testing
Observation: identifying and measuring important variables orderly loss of
information
Hypothesis: educated guesses about cause and effect with the variables
Theories
Models: realism or usefulness
Testing: theories cant be proven and are supported by repeated failed attempts to
disprove them.
Max TNB = TB TC
Boxes Example
MB=MC rule
People respond to incentives
Limits to the use of rational behavior (e.g. axe murders )
MankiwsTen Principles of
Economic Thinking