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Lecture Principles of microeconomics - Chapter 2: Thinking like an economist

In this chapter you will: See how economists apply the methods of science, consider how assumptions and models can shed light on the world, learn two simple models - the circular flow and the production possibilities frontier, distinguish between microeconomics and macroeconomics,. | Thinking Like an Economist Chapter 2 Economics trains you to. . . . Be mindful about the choices that you make. Evaluate the cost of individual and social choices. Examine and understand how certain events and issues are related. But there is the issue of terminology, some math, and GRAPHS, GRAPHS AND SOME MORE GRAPHS! 2 The Economist as a Scientist The economic way of thinking . . . Involves thinking analytically and objectively. Makes use of the scientific method. Involves the use of abstract models to focus the discussion on a main idea or theme in the complexity of the real world. To apply the scientific method in economics, assumptions are used to make the world easier to understand. Ceteris Paribus Assumption-All else equal. Role Play Scenario-Purchasing something at a store. 3 Economic Models Economists use models to simplify reality in order to improve our understanding of the world. As simplifications of reality, models need assumptions. A Model of Boids Flying Models start . | Thinking Like an Economist Chapter 2 Economics trains you to. . . . Be mindful about the choices that you make. Evaluate the cost of individual and social choices. Examine and understand how certain events and issues are related. But there is the issue of terminology, some math, and GRAPHS, GRAPHS AND SOME MORE GRAPHS! 2 The Economist as a Scientist The economic way of thinking . . . Involves thinking analytically and objectively. Makes use of the scientific method. Involves the use of abstract models to focus the discussion on a main idea or theme in the complexity of the real world. To apply the scientific method in economics, assumptions are used to make the world easier to understand. Ceteris Paribus Assumption-All else equal. Role Play Scenario-Purchasing something at a store. 3 Economic Models Economists use models to simplify reality in order to improve our understanding of the world. As simplifications of reality, models need assumptions. A Model of Boids Flying Models start small and then grow in increasing complexity. Play Bolero by Maurice Ravel Graphing Data A graph reveals a causal relationship between two variables. The vertical line is the y-axis. Independent variable. The horizontal line is the x-axis. Dependent variable. How do we show a negative and a positive relationship between variables? Two Simple Rules for Movements vs. Shifts Rule One When an independent variable changes and that variable does not appear on the graph, the curve on the graph will shift. Rule Two When an independent variable changes and does appear on the graph, a movement along the existing curve will occur. The curve will not shift. Graphing Data Economists use three types of graphs to reveal relationships between variables. They are: Time-series graphs Cross-section graphs Scatter diagrams Two of the Most Basic Economic Models Are The Circular Flow Diagram The Production Possibilities Frontier. The Circular-Flow Diagram Firms Households Market for Factors of Production .