ch1-1 - EC 120 - Introduction to Microeconomics Instructor:...

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EC 120 - Introduction to Microeconomics Instructor: Maria Gallego, P3100 Office hours: Telephone: 884-0710 ext. 2635# Email: [email protected] Section: 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 Maria Gallego EC120 - Chapter 1 – Economic issues and concepts 1 of 6
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…food in Canada? …money for Bill Gates? …your time? …the air that I breath? Microeconomics deals the study of… …individual households and firms …equilibrium in particular markets …relative prices Macroeconomics deals with the study of economic
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This note was uploaded on 01/17/2012 for the course ECONOMICS 120 taught by Professor Mesta during the Fall '10 term at Wilfred Laurier University .

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ch1-1 - EC 120 - Introduction to Microeconomics Instructor:...

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