ECON 110 Lecture Notes - Lecture 3: Scientific Method, Linear Combination, National Football Conference

• School: Queen's University
• Department: Economics
• Course: ECON 110
• Professor: Ian James Cromb

Document Summary

Econ110 - lecture 3 - chapter 1 economic issues and concepts (part 2); chapter 2. Economic theories, data, and graphs; chapter 33 the gains from international trade (part 1) Read over this material and make sure you are comfortable with data and graphing. We will use the methods as they are necessary. Skip the part on index numbers until next term. There is extra practice on the myeconlab website. Chapter 1 economic issues and concepts (part 2, continued from last class) The canadian economy is a modern mixed, but primarily market based economy. It is incredibly complex producing and consuming millions of different goods and services with an untold number of individual transactions taking place every day. The answer is: through the institution of markets. Shows how the economic agents are linked: They are the buyers in the factor markets . Figure 1-4: the circular flow of income and expenditure. Circular flow also helps us understand the microeconomics distinction.