Jan 7, Intro to Macroeconomics

Jan 7, Intro to Macroeconomics - Intro to Macroeconomics...

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Intro to Macroeconomics ECO 1102 C Microeconomics vs. Macroeconomics Microeconomics looks at the individual parts of the economy o How households and firms make decision and how they interact in specific markets Types of questions microeconomics aims to answer: o What is the effect of minimum wages on unemployment? o What is the effect of rent controls on the housing market? Types of questions macroeconomics aims to answer: o Why is the standard of living in Canada higher than in Nigeria? o What can the government of the poorest countries do to promote more rapid economic growth? o Why does the economy grow rapidly in Canada in some years and falls in others? o Why interest rates are going up or down? o What is inflation and why is it so high in some countries? Refresher on Supply and Demand Key Objectives: Review what determines the o Demand for a good in a competitive market o Supply of a good in a competitive market See how deand and supply together set the price
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Jan 7, Intro to Macroeconomics - Intro to Macroeconomics...

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