Principles of Economics

Lecture 1: Principles of Economics

Course Overview

  • Objectives:
    • Part 1: Course resources, evaluations, and logistics.
    • Part 2: Economics in the broader context of social sciences and policy.
  • Learning Outcomes:
    • Understand basic economic principles.
    • Understand the concerns of economics and economists' approaches.
  • Reference:
    • Textbook Chapter 1: Ten Principles of Economics

Part 1: About This Course

  • Economics Definition: Conceptualize economics based on prior knowledge.
  • Application: Identify a specific problem economists are well-equipped to solve.

What is Economics?

  • Traditional Definition (Outdated):
    • Study of production, distribution, and consumption of goods and services.
    • Study of markets, banking, money, profit, and business.
  • Modern Economic Research Areas:
    • Impact of legalized abortion on crime rates.
    • Effects of immigration on wages, unemployment, and crime.
    • Role of information friction in post-secondary enrollment.
    • Rationality behind enforcing taboos.
    • Causes of polarized opinions.
    • Formation and change of values.
    • Peer pressure in education (