2 econ - Macro : study of whole market ex. Inflation and...

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Chapter 1 Economics: the study of how to allocate limited resources to maximize society welfare Equity how equally the pie is split, often conflicts with efficency
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Chapter 2 Scientific method: find and analyze data to see if it fits with a theory Micro: How individuals and firms make decisions and interact w/ market
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Unformatted text preview: Macro : study of whole market ex. Inflation and unemployment POS. statement: What it is Normalative : What it should be *Slope due to increasing opportunity costs *Technological advancement shifts it OUTWARDS Economists usually disagree due to different values/beliefs...
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This note was uploaded on 04/02/2010 for the course AGEC 200 taught by Professor Anwarnaseem during the Winter '10 term at McGill.

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2 econ - Macro : study of whole market ex. Inflation and...

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