Basic Economic Concepts Ways to organize an economic system –Free markets –Government-run Nature of decision making –Objectives –Constraints.

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Presentation transcript:

Basic Economic Concepts Ways to organize an economic system –Free markets –Government-run Nature of decision making –Objectives –Constraints

Tools of Economic Analysis Economic rhetoric –Words –Graphs –Tables/Spreadsheets –Mathematical equations Statistics and econometrics

Concepts Used in the Periodicals We Read Causality Ratios, decimals, percentages Averages and expected values Risk and uncertainty Absolute and relative magnitudes Reading and translating tables and charts Differential calculus to solve optimization problems

Expressing Functional Relationships Tables/Spreadsheets Graphs Equations –Linear, quadratic, multiplicative, exponential, logarithmic

Graphing Data Basics of graphing –Scatter diagrams, slope, intercept Functional relationships –Dependent and independent variables Time series relationships Cross section relationships

Marginal Analysis Profit maximization Total revenue maximization Cost minimization Break-even point

Net Present Value Discount rates Probability and risk Expected values