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rough econ notes

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McMaster University
Bridget O' Shaughnessy

Macro Economics 962012 92700 AM Breakdown Term tests 45 Final exam 515 40 multiple choice 2 hours Midterms Homework Tests are Saturday morning at 9am ththOctober 13 November 10Aplia website 86 math review test 3 online homework 12 for online homework 1014 assignments are graded nelsonbraincom take the course key page 8 12 letter code slide 20 enter your mac id Tutorials new optional starting week 4 biweeklyTen Principles of Economics 962012 92700 AM Ten Principles of Econ1 People face tradeoffs2 The cost of something is what you give up to get it Opportunity cost3 Rational people think at the margin Weighing additional cost and benefit all that is relevant4 People respond to incentives5 Trade can make everyone better off The idea is to cause more gain than loss when loss is necessary6 Markets tend to increase efficiency How much stuff its possible to produce Important trade off between equity and efficiency 7 Sometimes the government can eliminate market efficiencies Externality transaction between 2 affects a third party Positive Vaccines Negative Cigarettes 8 A countrys standard of living depends on its productivity9 Prices increase when the government prints too much money Ch1011 Hyperinflation Zimbabwe 110 There is a short run tradeoff between inflation and unemploymentWhats more dangerous a swimming pool or a handgun 962012 92700 AM 1 Why is economics difficult Express ideas in economics 1English Language When the price off coffee rises people drink less 2Algebraequations Qdc100067Pc 3Diagramgraph Graph of pricequantity demand curveTranslate between each different form of communication2 Economics is a social sciencesocialpeople scienceuse the scientific method observe theorize test theory 3 Micro vs Macroeconomics Microeconomics individual households and firms how they interact Macroeconomics economywide phenomena such as interest rates unemployment money and growth4 Efficiency vs Equity Efficiency is the size of the pie Equity is how the pie is divided5 Positive vs normative analysis positive the world as it is normative the world as it should be value judgementpositive doesnt have to be true just a statement good thingvalue judgment6 model simplification diagrams or equations
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