1.2 — Scarcity, Choice, and Cost — Class Notes

Contents

Wednesday, August 19, 2020

Overview

Before we jump into our optimization models to descibe and predict (changes in) individual choices and behavior, we cover the basic principles of choice and action in a world of scarcity. This is what motivates economics.

Readings

This week is all introductory, but you may look at Chapter 1 if you wish. If you have not read Bastiat’s What is Seen and What is Unseen, I highly suggest you read it this weekend (it is quite short). Find it at today’s readings page

Slides

• View Lecture Slides
• Download as PDF

Live Class Session on Zoom

The live class Zoom meeting link can be found on Blackboard (see LIVE ZOOM MEETINGS on the left navigation menu), starting at 2:00 PM.

If you are unable to join today’s live session, or if you want to review, you can find the recording stored on Blackboard via Panopto (see Class Recordings on the left navigation menu).

Assignments

Preliminary Survey

Please take the preliminary survey on your math background by 11:59 PM Sunday. This will help us all have a productive course together.