ECN 101 Fall 2007 Shaofeng Xu Handout 1: An Outline for 101 Oct 1, 2007 Ⅰ . Introduction Economics is defined by John Maynard Keynes as the “science of thinking in terms of models, joined with the art of choosing models which are relevant to the contemporary world.” Economic models are simplified (focus on the necessary while omit unnecessary; assumptions) representations of relationships within an economy, and are described as a set of mathematical relationships between economic variables. Ⅱ . Four Parts in Macro In general, macro can be grouped into four categories 1 : growth, fluctuation, unemployment, inflation 2 . GROWTH: the development of economy in the long run; driven by capital accumulation, population growth, technological progress; chapter 7&8; mainly
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