101 lecture 1 Introduction

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101 lecture 1 Introduction

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101 lecture 1 Introduction

  1. 1. ECO 101 Microeconomics
  2. 2. Gale L. Pooley, Ph.D., MAI, MRICS, CCIM, SRA gpooley@alfaisal.edu
  3. 3. How did this happen?
  4. 4. Prince Alwaleed bin Talal al Saud Bill Gates
  5. 5. Scarcity Choices
  6. 6. Make Better Choices
  7. 7. Time Commitment ! Class 3 Hours Homework 6 Hours Total 9 Hours
  8. 8. afecon101.blogspot.com
  9. 9. Think like an Economist
  10. 10. Words Numbers Illustrations
  11. 11. Economist’s Dictionary
  12. 12. Who should make your choices?
  13. 13. What do you want to be?
  14. 14. Get the most out of life
  15. 15. Rational Incentives Margin
  16. 16. Optimize Tradeoffs
  17. 17. Where was this t-shirt made?
  18. 18. Tradeoffs Mileage Safety A 2001 National Academy of Sciences study estimated that the traffic death toll attributable to past downsizing was approximately 2,000 lives per year.
  19. 19. Economic Models Simplified Version of Reality Value in Prediction
  20. 20. Incentives Matter Change Incentives Change Behavior
  21. 21. Incentives are more important than goals
  22. 22. Consequences matter more than intentions
  23. 23. Unintended Consequences
  24. 24. Macro Micro
  25. 25. 101 Quiz 1 Name__________ Fill in blanks ! 1. Economics is the study of _______________ ! 2. We live in a world of ______ wants and ______resources 3. Economics assumes three things about people: _____________, ________________, ______________ ! 4. Consequences are more important than __________. ! 5. If you know a person’s incentives, you can predict his or her ___________. ! 6. Where is the iPhone made? ______________ !
  26. 26. 101 Quiz 1 Name__________ Fill in blanks ! 1. Economics is the study of _______________ Choices ! 2. We live in a world of ______ unlimited wants and ______limited resources 3. Economics assumes three things about people: _____________, Rational ________________, Incentives ______________ Margin ! 4. Consequences are more important than __________. Intentions ! 5. If you know a person’s incentives, you can predict his or her ___________. Behavior ! 6. Where is the iPhone made? ______________ Everywhere !

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