Questions About Economics: Math Involved, Micro vs Macro, Interesting?

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In summary, the conversation is about someone who is interested in taking a course in Economics but is unsure of the level of math involved. They ask for recommendations on which math courses to take and also inquire about the difference between Micro and Macro Economics. The responder states that minimal math is required for an introductory course and that more advanced courses may involve multivariable calculus. They also mention the importance of Calculus II for an undergraduate degree in Economics and share their personal experience of getting a high grade without attending class or buying the book. The conversation ends with a curiosity question about how they were able to achieve such a feat.
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I'm quite interested in taking a course in Economics... I'm in second year and still have no idea what my major is, so I'm sort of experimenting at the moment. I know nothing of economics, so am wondering if any of you can tell me how much math is involved? Should i take Calculus II, Linear Algebra or Discrete Math to help me with it? Or Differential Equations? I have Intro Calculus.

Also, what is the difference between 'Micro' and 'Macro' Economics? I'm assuming small-scale and large-scale, but what is the difference between the scales?

Most importantly, are the courses interesting?

Thanks so much!

PS: I really don't want to take Calc II or Differential ;)
 
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  • #2
micro econ is the study of economics of smaller systems, such as individual countries and macro is the study of global economics.
 
  • #3
As long as you never studied an economics course before, you would enroll in an introductory course. The Math level needed would be minimal. If you studied beyond Introductory Algebra, you have more, much more than enough to handle the Math used in the course. The introductory Economics course will be mostly very easy. Work hard in it; get an A.
 
  • #4
There are different theories of economics. The Austrian School regards economics as strictly a deductive science and mathematical models are regarded with adamant suspicion. In my opinion, Ludwig von Mises is the greatest economist. His book "Human Action" is a masterpiece and there is no math necessary. Read it and you will be superior to your professors. ;) Your school's party line will not likely be based on Austrian economics.
 
  • #5
Microeconomics typically concerns anything from individuals to businesses. The economics of a country is definitely discussed in macroeconomics, not micro. Then, macro will also include global economics as well.

There is absolutely no calculus required for introductory economics, micro and macro. I suppose you could use it, but the course basically requires basic algebra. As I understand, the more advanced theory courses require a basic understanding of integrals and derivatives.

Despite all this, when you take multivariable calculus, you will learn that real economic problems in the world rarely involve one variable. Many will include 10 or more. As such, multivariable calculus is an absolute necessity for graduate school. But yea, its nothing like a science.
 
  • #6
by the way, calc II is a necessity for an undergraduate economics degree. You need to know what an integral is.
 
  • #7
I took a econ 200 level course for a gen ed. I barely went to class, never bought the book or even took notes. I think I got the highest grade in the class. Moral of the story, show up to class with a pulse and you will do fine.
 
  • #8
Topher925 said:
I took a econ 200 level course for a gen ed. I barely went to class, never bought the book or even took notes. I think I got the highest grade in the class. Moral of the story, show up to class with a pulse and you will do fine.

Distracting from the main idea of the topic is not a good practice, but here is a curiosity question:
Why and How were you able to get the highest grade in that 200 level economics class?
 

1. What types of math are involved in economics?

Economics involves a variety of mathematical concepts, including algebra, calculus, statistics, and linear programming. These mathematical tools are used to analyze economic data, build economic models, and make predictions about economic trends.

2. What is the difference between microeconomics and macroeconomics?

Microeconomics focuses on the behavior of individual economic units, such as households, businesses, and industries. It examines how these units make decisions and interact in markets. On the other hand, macroeconomics looks at the economy as a whole and studies topics such as inflation, unemployment, and economic growth.

3. Can you give an interesting example of economics in everyday life?

One interesting example of economics in everyday life is the concept of opportunity cost. This refers to the value of the next best alternative that must be given up in order to pursue a certain action. For example, choosing to spend money on a vacation means giving up the opportunity to use that money for other things, such as investing in the stock market or buying a new car.

4. How does economics impact decision making?

Economics plays a significant role in decision making as it involves analyzing costs and benefits, considering trade-offs, and making rational choices. Whether it's an individual deciding how to spend their money or a government deciding on policies, economics provides a framework for evaluating the consequences of different choices.

5. Can you explain the concept of supply and demand?

Supply and demand is a fundamental concept in economics that describes the relationship between the quantity of a good or service that is produced and the quantity that is consumed. The law of supply states that as the price of a good or service increases, the quantity supplied also increases. On the other hand, the law of demand states that as the price of a good or service increases, the quantity demanded decreases.

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