ECON-102 Lecture Notes - Lecture 1: Human Capital Flight, Wall Street Crash Of 1929, Foreign Portfolio Investment
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22 Apr 2017
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4 principles: trade-offs (scarcity, opportunity cost (o/c) (next best alternative, rational people think at the margin (mr=mc -> profit , people respond to incentives. 3 principles of organizing economy: trade makes every nation better off, governments can improve markets. In free markets we trust (organize economic activity: a countries standard of living depends on its ability to produce goods, inflation is a monetary phenomenon. 5 reasons you need government intervention: equity, market power, property rights, externalities, public goods. In order to get this, we need efficiency/ productivity. Productivity = y/l = output/ labour in canada we produce more per hour high standard of living. What money can buy. (w nominal wage) = productivity prices fall living standards . 3 eggs in zimbabwe are worth 2 billion dollars because of inflation. In the short run there is an inverse relationship between inflation and unemployment. Profit = inflation, cpi consumer price index. = exchange rate r = interest rate.
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