ECON 201 Lecture Notes - Lecture 1: Ie 201 Class, Root Mean Square, Mixed Economy

• School: Concordia University
• Department: Economics
• Course: ECON 201
• Professor: Fararas

Document Summary

Microeconomics is the study of individual behaviour in the context of scarcity. Macro looks at the forest, micro looks at the tree. Economics will tell us how to optimally use our scarce resources to satisfy our needs. They interact in the market (supply & demand) and help us form prices. Big economies like usa, canada, japan, germany, etc. are mixed market economies. Supplied both by private suppliers and the government. The government is not only a producer in mixed economies. Most importantly, ensures that the legal system functions.