1. Welcome to
BU-224 Micro Economics

2. A little bit about me… Marlo Chavarria Ph# 813-220-2066
AOL: marlochavarria

3. Syllabus Doc Sharing Section Reading Material Course Outline
School of Business Policies
Grading Rubric – Discussion Board

4. Course Outline Unit 1 – First Principles
Unit 2 – Economic Models: Tradeoffs and
Trade
Unit 3 – Supply and Demand &
Consumer and Producer Surplus
Unit 4 – The Market Strikes Back &
Elasticity
Unit 5 – The Rational Consumer

5. Course Outline (cont.) Unit 6 – Behind the Supply Curve: Inputs
and Costs
Unit 7 –  Perfect Competition and the
Supply Curve & Monopoly
Unit 8 – Oligopoly & Monopolistic
Competition and Product Differentiation
Unit 9 – Externalities
Unit 10 – Reflection

6. Syllabus Reading Material Course Outline School of Business Policies
Grading Rubric – Discussion Board
Online Communications Guidelines
Assignments
University Policies
Plagiarism/Tutoring

7. Discussion Board Requirements
Students are to post a minimum of three posts per discussion thread. One initial response and two substantial replies to their classmates.
Posting on a minimum of three different days. The first post must be made by Saturday

9. Late Policy 1-7 calendar days late ~ 20% deduction
Work will not be accepted 2 weeks after
Extenuating circumstances – death in immediate family and hospitalization

10. Scarcity
Scarcity

11. Scarcity Limited resources Choices must be made Opportunity Cost
The value of the next best alternative
Marginal analysis

12. Opportunity Cost Retrieved from http://strom.clemenson.edu
Retrieved from

13. Opportunity Cost Example of cost of education
Annual salary - $50,000 (Implicit)
Tuition - $25,000 (Explicit)
2 years of graduate school - $100,000 in salary and $50,000 in tuition
Total opportunity cost - $150,000 (Implicit & Explicit)
Future marginal income of working life should be higher

14. Trade offs
Cost vs. Benefits

15. Marginal Cost Analysis
Efficiency in resource allocation
Analysis of benefits and costs of the marginal unit of good or input
Maximization of utility subject to a budget contraint

16. Economic Agents
Consumers seek to maximize their utility given a budget constraint (limitation) – Demand Side
Business maximize profits by minimizing costs (limitation) – Supply Side
Governments maximize social welfare and try to moderate taxing citizens

17. Economic Agents
Consumers
Producers
Government

18. There are gains from trade

19. Discussion
In his famous book "The Wealth of Nations" Adam Smith stated: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect out dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.”
What do you think Adam Smith meant in this statement? Try to use concepts seen in this unit such as specialization, mutual gains from trade, market coordination, etc in your interpretation.

20. (Your assignment consists of 2 parts)
1 - Professional Report:
You will choose one of the countries discussed in the websites
you were provided and you will discuss the etiquette, customs,
and protocol for that country. This should be 1-2 pages long.
2 - Memo:
The memo will include:
at least 5 etiquette tips unique to the selected country
discuss how knowing about global business etiquette practices would be beneficial for topics in Macroeconomics.
The memo should be at least 1-2 pages in length and
provide explanation of those tips.

21. (Research Information can be found under the Unit 8 Link)
Submit Research Topic
(Research Information can be found under the Unit 8 Link)
Your Research Paper should:
Be between 2 and 3 pages (600 to 900 words) in length – double spaced.
Use correct grammar, punctuation, and spelling and follow the APA format.
Have an introduction, a development, and a conclusion. In the development you should present your arguments or assessment of the issue you selected while staying objective. In the conclusion, however, you can take position and state your opinion. This being an Economics course, your arguments should pertain to the economy.

22. (Research Information can be found under the Unit 8 Link)
Submit Research Topic
(Research Information can be found under the Unit 8 Link)
Your arguments should be supported as much as possible by articles or studies that have been made on the subject. If you mention statistics or any data or numbers, your source should be clearly stated, otherwise your argument won’t be valid. Most sources should be less than 3 years old.
Include a list of references (URLs, articles, books, etc.) in a separate Bibliography / Webliography.
* The Grading Rubric that will be used to evaluate your paper can be found in the Syllabus in the Course Home.

23. Student Resources
US Department of Commerce: The Bureau of Economic Analysis
 The Economist Magazine
The New York Times
Wallstreet Journal Online
US News and World Report

24. Student Resources (cont’d…)
US Bureau of Labor Statistics
Financial Times
The Federal Reserve Website
In addition, you may use the library offered by the school which offers a wealth of information from reliable sources. Another source of information is Youtube ( )which has a library of videos. Simply type in the topic we are covering in the search box to locate videos relating to material we are covering.

25. Thank you for attending
Thank you for attending. I look forward to this upcoming semester with you!