Professional Documents
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Jacobs
gjacobs@eco.uc3m.es
Despacho 11.2.05
Course Coordinator
Reduce Class Professor
Lecture
Mondays 12:30 - 1:30
FINAL EXAM 40 %
TWO MIDTERM EXAMS 40%
SIX PROBLEM SETS 15%
QUIZZES 5%
https://sites.google.com/site/
jacobsuc3m/
THE TEXTBOOK
10
11
Required knowledge
!
Elementary calculus: percentages,
!
Solution of linear equations with one unknown.
!
Solution of two linear equations with two unknowns (by
substitution).
!
Plot of linear equations in 2D graphs. Relationship with
solutions to two linear equations with two unknowns.
!
Graphic interpretation of the slope of a line.
!
Computing elementary areas (triangles and rectangles).
NO
TALKING
NO
TEXT
MESSAGING
TOPIC I.
Introduction
Chapters 1-2 Mankiw
What is economics?
Economics
is the study of how society
manages its scarce resources
Scarcity
Resources are limited !!
19
and society has
UNLIMITED desires...
Scarcity
because of this society can not produced all
the goods that are needed
Resources are limited
Choice:
Management means to choose
the use of a scarce resource
Choice and Scarcity: