ECON 1P92 Lecture 1:

• School: Brock University
• Department: Economics
• Course: ECON 1P92
• Professor: Indra Hardeen

Document Summary

Micro had to do w/ the firm and the individual, how they make decisions. Macro has to do with the gdp -- measures output as a country. Interest rates, exchange rates, val of can dollar vs us dollar. Economics is a social science not a natural science. Scientific method observation theory more observation. E. g. , economist observes increasing prices, develops theory of inflation -> prices rise when govs print too much $ Collects data on many prices from many countries. Households, firms, factors of production aka inputs (land, labour or capital, these are the three big. Capital refers to buildings, machines, and equipment. Combinations of output that the economy can possibly produce given the available factors of production + the available tech. Ppf shows us oc of one good as measured in terms of the. To get your ppf to shift up you require: other good. New tech makes it easier to produce the other whose production quantity did not change.