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Microeconomics 1110 ch 2 and 3.docx

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ECON 1110

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Microeconomics 1110 Ch. 2 Normative statement- about what ought to be as opposed to what actually is (are not testable, consist of statement of someone’s feelings, emotions, beliefs) Positive statement- what actually is (was or will be) as opposed to what out to be (can be tested and statement can be revealed to be true or false) Theories are constructed to explain things (theory of demand and supply )  Variables – endogenous and exogenous  Assumptions- motives, direction of causation, conditions of application  Predictions- hypothesis Presented in words, graphs, algebraically, numbers  Markets defined as being where buyers and sellers come together in order to trade  Before markets were in particular places ie Granville Island but now we have mail order and ebusiness  Look at buyers and study DEMAND  Look at suppliers and sellers and study SUPPLY Ch. 3 Demand- consumers want and need various goods/services and their “demand” for them expressed their preference Factors include:  price of good  price of related goods (compliments or substitutes)  income  population  tastes/preferences  climate Supply- amo
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