MICRO: Before 9/17

Week 1:  An Introduction

Today we will review how this class will work.  It is a flipped class which means students do a fair amount of prep work and notetaking before coming to class.  In lass we will do case studies, problems, and demonstrations of the concepts.  Watching videos, reading articles and taking focus notes will be critical to the success of each student and the class.

 

To do before class:

____ Watch the videos below: They all come from mjmfoodie microeconomics channel on youtube

Episode 2 (E2): Scarcity and Choice

E3: Resources

E4: Micro v Macro

E5: Positive v Normative

E8: Opportunity Cost

E6: Graphing Review

____ Complete the focus notes below

Complete the following table in your notebook from the videos.  You will probably need multiple lines per term.  For Connection, I want you to come up with your own example or connect it to another term on this list or pinpoint why we care about this or if really stumped – try to form a question about what it is you don’t understand.  I filled one in for you as an example.

Term Definition Example Connection
Scarcity
Opportunity Cost
Resources 1

2

3

4

Positive Statement A statement of fact. Proveable. That car costs $17,500 As opposed to a normative statement
Normative Statement
Positive or Direct Relationship Draw a graph:
Negative or Indirect Relationship Draw a graph:
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