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Econ 325: Economics of Gender - Week 1 | Introduction to Economic Decision-Making

Welcome to Econ 325 - Economics of Gender! This week focuses on the basics of economic decision-making and opportunity cost. Understand the rationality assumption and constraints that influence choices. Explore the labor market dynamics and equilibrium. Reflect on changing gender roles in society and their impact on economics. Stay updated on assignments and engage in discussions to deepen your understanding. Visit the course website for additional resources and guidelines. Let's embark on an insightful journey into the intersection of economics and gender studies!

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Econ 325: Economics of Gender - Week 1 | Introduction to Economic Decision-Making

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  1. Welcome to Econ 325 Economics of Gender Week 1 Beginning January 22

  2. Monday, January 22 • Introduction • Do you have the prerequisite for this course? • Major/minor • Interest • A question for me?

  3. Personal Index Cards • Name • Campus address • Campus phone number • Cell phone number • Work phone number

  4. Me website • www.marietta.edu/~khorassj • Are you eligible for ODE membership? • ERT membership

  5. Before Wednesday • Study • Course Contract • Course Outline • Chapter 1 • Be prepared for ICA • Think about your paper

  6. What is Economics? • Resources are limited • Wants are unlimited • Can’t have everything • Need to make a decision • Economics studies how people make these decisions

  7. What is Opportunity Cost? • The more resources we use to produce good “A” the less resources are available to produce good “B” • Opportunity cost of producing additional unit of good “A” is the amount of good “B” not produced.

  8. Question • What is the opportunity cost of being a full-time housewife/ househusband? • Is the opportunity cost the same for everybody?

  9. Wednesday, January 24 • Congress has so far spent more than $320 billion on the war.  That amount of money could have provided • health care coverage for all uninsured children for as long as the Iraq War has lasted. • four-year scholarships (tuition and fees) to a public university for all of this year’s graduating seniors. • Funds to build half a million affordable housing units. • What is the opportunity cost of the war?

  10. What does the assumption of rationality mean? • If given your constraints, you make the best decision for you, you are rational. • “Best” usually means benefits > costs. • “Best” sometimes means minimizing cost.

  11. What are your constraints? • Knowledge/Information • Social/ family/ legal constraints /traditions • Was your decision to marry x rational? • Was your decision to stay home after you had kids rational?

  12. Households/Families • A couple of students renting an apartment together and sharing their living expenses are a __________ but not a ________. • You live alone. You are a ________ but not a __________. • You live with your parents in a house. You and your parents are a __________ and a _______.

  13. Sex/ Gender • Sexual differences = biological differences • Gender differences = social differences

  14. ICA1 • Is the following statement true or false? Explain. “We are planning to cover about half of the textbook in this course.” • Briefly describe the nature of the paper you have to write for this class.

  15. Labor Market • Price of Labor • Labor Demand Curve • It is downward sloping. Why? • Three Reasons: • Diminishing marginal productivity (short-run) • Substitution effect (long-run) • Scale effect (short-run & long-run)

  16. Labor Market • Labor Supply Curve • It slopes upward. Why? • Equilibrium • Changes in equilibrium • What if labor becomes less productive

  17. OCA1: due Friday in class • # 4, page 12. Draw a separate graph for each question and describe the changes in the equilibrium wage rate and the number of workers.

  18. Friday, January 26 • Any more thoughts regarding your paper? • Return ICA 1

  19. Collect OCA1 • # 4, page 12. Draw a separate graph for each question and describe the changes in the equilibrium wage rate and the number of workers.

  20. ICA2 (in teams) • Government expands its child care subsidy program. How does this affect the average wage rate and the number of employed workers? Draw a graph and explain.

  21. Changing Roles (Chapter 2) • Until recent years • Men were hunters, providers, protectors, and competitive • Women were care givers, nurturing, compliant, and not competitive • In recent years • Women may be providers • Men may be nurturing Would the differences disappear?

  22. What are some factors affecting role differences? • Physiological/biological • Psychological • Norms/expectations/cultures • Economic • Technology • Which of the above factors are more likely to change over time?

  23. Differences • Don’t need to determine superiority/inferiority • Are somewhat exaggerated • The opposite sex? • There are similarities

  24. Study • The rest of Chapter 2 on your own. • Pay attention to Table 2.1, page 29. • Expect ICA

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