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1.1 What economics is and why it's important Read Online
1.2 Microeconomics and macroeconomics Read Online
1.3 How economists use theories and models to understand economic issues Read Online
1.4 How economies can be organized: an overview of economic systems Read Online
To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.
And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?
As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.
This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.
In this chapter, you will learn about:
What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.
Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.
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Question: Jason, a choreographer, agrees that he will choreograph a dance for Laura, if Laura gets past the first level of eliminations in a television dance show's auditions. Laura does not get past the first level of eliminations. Jason is discharged from the obligation to choreograph the dance.
Choices:
True
False
Question: In awarding a remedy for a breach of contract involving the sale of goods, a court will typically award the non-breaching party the difference between the contract price and the market price of the goods, as compensatory damages (plus any incidental expenses).
Choices:
True
False
Question: Courts will always rule that parties are discharged from their obligations under a contract, if there has been frustration of the purpose of the contract.
Choices:
True
False
Question: If a contract involves a sale of goods over $500 and services, the primary purpose of the contract (is it predominantly a sale of goods, or predominantly a provision of services?), as established in court, will determine whether the contract was required to be in writing to be enforceable (subject to any applicable exception).
Choices:
True
False
Question: Smith agrees to construct a building addition for Jones that is to match the roofline of the existing building, so that there will be a seamless flow from the original building to the addition. Jones discovers after the construction is complete, and winter has set in, that there are icing problems, because the addition does not match the roofline--it is several inches off. A court would likely hold that Smith's failure to align the roofline would discharge Jones from any obligation to pay Smith the last construction payment due.
Choices:
True
False
Question: Brandon enters into a contract with Ben to sell Ben cattle on March 28th. Brandon's statement to Ben on March 26th that Brandon will not perform his contract to sell his cattle to Ben on the 28th is known as anticipatory repudiation, and allows Ben to treat Brandon's notice of non-performance as a breach, and sue immediately.
Choices:
True
False
Question: Punitive damages are usually awarded in breach of contract actions.
Choices:
True
False
Question: The document a limited liability company (LLC) files with the Washington Secretary of State to officially form (create) the LLC is called a "limited liability company agreement."
Choices:
True
False
Question: Washington's Consumer Protection Act can be used to enforce its Landlord-Tenant Act provisions.
Choices:
True
False
Question: The owners of a corporation are the board of directors.
Choices:
True
False
Question: In a contract involving the sale of land, an award of money damages is always the most appropriate remedy to seek when the seller has breached the agreement.
Choices:
True
False
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