ch1 - EC 120 - Introduction to Microeconomics Instructor:...

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EC 120 - Introduction to Microeconomics Instructor: Maria Gallego, P3100 Telephone: 884-0710 ext. 2635# Email: mgallego@wlu.ca Section: H (Monday and Wednesday 5:30-6:50 pm) Maria Gallego EC120 - Chapter 1 – Economic issues and concepts 1 of 7
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OUTLINE What is economics? Opportunity costs o examples Production possibilities boundary (PPB) o Exercises What is economics? Economics is the study of the allocation of scarce resources which are …resources with alternate uses Which of the following are scarce …food in Canada? …money for Bill Gates? …your time? …the air I breath? Microeconomics deals the study of… individual households and firms equilibrium in particular markets relative prices Macroeconomics deals with the study of economic aggregates such as… …inflation …unemployment …and economic growth 2
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ch1 - EC 120 - Introduction to Microeconomics Instructor:...

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