Lecture-1

Lecture-1 - Lecture 1: Course Outline, Introduction to...

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1 Lecture 1: Course Outline, Introduction to Macro and Graph-Review ECN 204 Introductory Macroeconomics Instructor Sharif Faisal Khan Department of Economics Ryerson University Fall 2004
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2 ECONOMICS Economics is the social science concerned with the efficient use of scarce resources to obtain the maximum satisfaction of society’s unlimited wants .” MICROECONOMICS (ECN 104) “Microeconomics is the part of economics concerned with such individual units as industries, firms, and households .” Price of a specific product Consumption and leisure (work) choice of an individual Number of workers employed by a single firm Revenue or income of a particular firm or household Expenditures of a specific firm, government entity, or family Examines the sand, rocks, and shells, not the beach
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3 MACROECONOMICS (ECN204) “Macroeconomics is the part of economics concerned with the economy as whole or its basic subdivisions or aggregates such as the government, household, and the business sector.” “Macroeconomics is the study of the structure and performance of national economies and of the policies that governments use to try to affect economic performance.” Aggregation 1. Aggregation is the process of summing individual economic variables to obtain economy wide totals. 2. Add the millions of consumers in the Canadian economy and treat them as if they were one huge unit called “consumers”. 3.
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Lecture-1 - Lecture 1: Course Outline, Introduction to...

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