WELCOME TO MICRO!!! Krzysztof Kołodziejczyk, PhD

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1 WELCOME TO MICRO!!! Krzysztof Kołodziejczyk, PhD

3 Agenda 1. Introduction to the course Introduction to micro Remember! If you have any questions, please don't hesitate and ask me.

4 Introduction to the course Lecturer Krzysztof Kołodziejczyk, PhD in Economics (Social Policy) PhD thesis: Pension Systems in Latin America. From PAYGO to Capitalisation duty hours: Fridays, , room 304 A

5 Introduction to the course Lecture time on Thursdays: start at 9.40, finnish at if 2 hrs or if 4 hrs breaks: one during 2 hrs lecture and two during 4 hrs or if we have a good reason to rest a little bit

6 Introduction to the course Lecture rules. Please respect them. 1. Please do not come to class late. It is disruptive and disrespectful of others. 2. Text messaging and checking your cell phone is not helpful during class. 3. If you must leave the class early for some reason, please tell me that you will be leaving class at the beginning of the lecture, and sit near the door so that you don t walk in front of the entire class when you leave. 4. Please talk to your friends outside of class. Talking while I m teaching is not going to help your grade.

7 Introduction to the course Own work, own study Basic bibliography o P. Krugman, R. Wells, Microeconomics, Princeton Univeristy, Worth Publishers, 2012 o R. Pindyck, D. Rubinfeld, Microeconomics, Pearson Publisher, o N.G. Mankiw, Principles of Microeconomics, Gengage Learning, Standford, 2014 o Czarny B., Podstawy ekonomii, PWE, Warszawa o Rekowski M., Mikroekonomia, Wyd. Akademia, Poznań 2005 o Borowiec A., Brzęczek T., Mikroekonomia, Wyd. PP, Poznań other sources

8 Introduction to the course Own work, own study assesment methods of study outcomes Forming mark Exercises: on a basis of curent results of work in form of test, work and presence at classes (one absence can be accepted) Lectures: on a basis of questions about worked over problems Summary mark Exercises: pass on a basis of positive mark from ending test Lecture: written or oral exam

9 Introduction to the course Lecture structure keywords today s questions micro in theory micro in practice conclusions

10 Introduction to micro - keywords wants / needs sources (economic) scarcity choice trade-off allocation benefits / costs opportunity cost micro / macro normative economics / positive economics 10

11 Introduction to micro today s questions What s microeconomics? Why microeconomics? What s the difference between micro and macro? What s the basic economic problem? 11

12 Introduction to micro micro in theory What s microeconomics? The word micro means small and microeconomics focuses on the behavior of individual markets and the smaller individual units that make up the broader economy. Businesses, consumers, investors, and workers. (Peter Navarro, University of California) The study of how households and firms make decisions and how they interact in markets. (Nicholas Gregory Mankiw, Harvard University) 12

13 Introduction to micro micro in theory Why microeconomics? (click Timeline, then Microeconomics defined ) 13

14 Introduction to micro micro in theory What s the difference between micro and macro? Microeconomics is distinguished from macroeconomics which focuses on problems in the broader economy like inflation and unemployment and the rate of economic growth. More: small.htm (Micro and Macro: The Economic Divide, G. Chris Rodrigo, Finance & Development) 14

15 Introduction to micro micro in theory What s the basic economic problem? Needs and wants are unlimited, but resources are scarce. YOU HAVE TO MAKE CHOICES!!! What are resources? Resources are otherwise known as the factors of production and they include land, labor, capital and entrepreneurship. More: 15

16 Introduction to micro micro in practice Your daily choices / trade-off s in the shop at the workplace in the company you manage etc Consider! (5 minutes) Describe on a piece of paper! (5 minutes) Share with us! (if you want) 16

17 Conclusions Microeconomics is about us. And about our choices. That is why it is important. Microeconomics is worth learning. Not to be an economist. To think economically and manage well.

Microeconomics And Behavior

And Free PDF ebook Download: And Download or Read Online ebook microeconomics and behavior in PDF Format From The Best User Guide Database Applied : Consumers, Producers, and Markets Required text: and,