Class Notes (836,414)
Canada (509,777)
Economics (1,617)
ECON 1BB3 (535)
Lecture

January 8

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

Description
January 8, 2012 Why is economics difficult? - Express ideas in economics: 1. English language 2. Algebra/equations 3. Diagrams/graph - Translate between each different form of communication People buy less coffee when the price of coffee rises Qc=100-.3Pc Economics is a social science - Social = people - Science = scientific method 1. Observe 2. Theorize 3. Test theory Microeconomics vs. Macroeconomics - Micro: individual household and firms and how they interact - Macro: economy-wide phenomena such as interest rates, unemploymen
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