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ECON 1BB3 (535)
Lecture 3

Economics lecture 3.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
Economics lecture 3 Express ideas in economics 1 english 2 algebra 3 diagram Economics is a social science Social = people Science = use scientific method  Observe  Theorize  Test theory Micro vs macro economics  Micro: individual households and firms and how they interact  Macro: economy wide such as interest rates, unemployment etc Efficiency vs equity  Efficiency is the size of the pie  Equity is how the pie is divided Positive vs normative analysis  Positive: the world as it is (facts)  Normative: the world a
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