PPT-ECON

2313Spring 2013 Welcome What is economics Economics is the study of how individuals and societies allocate scarce resources among competing alternative uses Scarcity Available resources are insufficient to satisfy wants. Slides. . © Michael R. Ward, UTA 2014. Bagel Shop. You run . a small bagel shop. You have engaged in a market study to categorize your customers’ willingness to pay for a meal (. coffee & bagel. Slides. . © Michael R. Ward, UTA 2014. Today. Syllabus. What the Course is About. What this Book is About. The One Lesson of Business. Econ 5313. Oil Lease Bidding. A young geologist was preparing a bid recommendation for an oil tract in the Gulf of Mexico. His expertise and the information at hand led him to recommend a bid of $5 million. Instead, a senior manager bid $20 million - far over the next highest-bid of $750,000. What, if anything, is wrong?. Slides. . © Michael R. Ward, UTA 2014. Divisions of a Firm. A . Division. is any . logical . sub-organization . of the . firm . Sometimes referred to as its Organizational . Architecture. Ex. . Functional. Slides. . © Michael R. Ward, UTA 2014. The “Boundaries. ” . of the Firm. Why . are some tasks organized within firms and others across firms?. Hayek – Transacting across firms reveals price information that is useful for decision making. 1 0 13 2014 Slides. . © Michael R. Ward, UTA 2014. Donut Holes. Making Decisions on the Margin. A friend does an experiment in class. Hands one student a box of donut holes. “Eat as many as you want.”. Hands another student a watch. “Mark the time between donut holes.”. Slides. . © Michael R. Ward, UTA 2014. Opportunity Costs. “Outsourcing” . Scene. Econ 5313. Foreign Currency. You've completed your vacation in a foreign country. At the airport, you discover you have the equivalent of $20 local currency left over. The exchange control officer tells you that you can't convert the local money back to dollars. Nor can you take it out of the country. Because the gift shop was closed, you decided to spend the remaining money on refreshments—for complete strangers! . Slides. . © Michael R. Ward, UTA 2014. Some Theory Background. Econ 5313. Lots of formulas and math with this chapter. Trust me, there is a payoff. Demand curves slope downward. For two reasons:. People value the first unit more than the second, etc.. 2. Why study bubbles?. “[An] issue that clearly needs more attention is the formation and propagation of asset price bubbles…I suspect that progress will require careful empirical research with attention . Data Issues and . Challenges. Joseph R. . Bongiovi. University of North Carolina- Chapel Hill. Seoul, Korea. July . 20. , 2011. Goals of the Workshop. Share information about precarious work in the various . Competition. . Policy. in Chile. Law. , . Econ. & . Institutions. Eduardo H. Saavedra. IEA . World. . Congress. ‘17. Chile. . Country in South America occupying a long, narrow strip of land between the Andes mountains to the east and the Pacific Ocean to the west. . 1onomics Assessment Results 2012-13The economics department has identified the followingdepartmentallearning outcomes1Economics majors will be numerically literate and possess strong written and oral NotallclawbacksarethesameConsequencesofstrongversusweakclawbackprovisionsMichaelHRErkensYingGanWeowespecialthankstoJeroenSuijsforhisinsightsvaluablecommentsandsuggestionsWearealsogratefultocommentsand thepresenceofinformationcostsandmisalignedincentivesInasurveyofmanufacturingrmsRoss1986observesthattopcorporatemanage-mentisoftentoobusyandpreoccupiedwithotherresponsibilitiestohavethetimeandresources