ECN 104 Lecture Notes - Lecture 3: Iona Catholic Secondary School, Scotiabank, Macroeconomics
Document Summary
Practice teaching at iona catholic secondary school. First time teaching: think-pair-square, syllabus, chapter 1, linear functions review, summarize today"s learning. Classify the following if they are macroeconomics or microeconomics: the unemployment rate in canada was 6. 8% in 2014 (macroeconomics) Core de nitions of economics: scarcity: economic resources are needed to make goods and services which are limited. It is sad how little space there is for so many students. Canada needs people, hence immigration: opportunity cost: to get more of one thing, you forgo the opportunity to get something else. Choose apples instead of banana: utility: the pleasure of happiness, or satisfaction obtained from consuming goods or services. Free marks in your midterm: positive economics: focuses on facts and cause-and-e ect relationship. More retail stores are shut down due to online shopping: normative economics: incorporates what particular policy should be recommended to achieve a desirable goal. 15% foreign tax is implemented to discourage investors to drive up house prices.
