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# CHAP 1-2 - CHAP 1,2 Prof Olivier Giovannoni 304K...

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CHAP 1,2 CHAP 1,2 Prof. Olivier Giovannoni 304K: Introduction to Microeconomics Sept 5 2007

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Lectures are not repetitions word for word of what is the textbook. The tests are based both on what is in the textbook and what is in the lectures.
GRAPHS GRAPHS “economists’ representations”

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Lines and slopes Lines and slopes POSITIVE slope NEGATIVE slope y y x x Straight line equation: y = a . x + b b b
Slopes (cont.) Slopes (cont.) Slope “ a ” = change in y divided by change in x a slope can be any value in and slope zero, in particular, means that the line or curve is flat. We are then at a minimum or a maximum slope "a" y x x = ] ; [ - + a>0: increasing function a<0: decreasing function

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DEFINITIONS DEFINITIONS “economists’ words”
Our economy is an economy of exchange (c.f. real GDP graphs, “growing exchange”). For this we need: Natural resources (like land) rent Capital (money and machines) interest …and entrepreneurs profit Labor (workers) wage Those are factors of production .

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2 types of economics 2 types of economics 1- MACRO economics studies the performance of a country, or group of countries, by concentrating on broad issues (inflation, unemployment, growth, poverty, crises, the causes and effects of
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CHAP 1-2 - CHAP 1,2 Prof Olivier Giovannoni 304K...

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