ECON 105 Lecture Notes - Lecture 1: Monetary System, Mixed Economy, Planned Economy

• School: Simon Fraser University
• Department: Economics
• Course: ECON 105
• Professor: Dave Cox

Document Summary

Macroeconomics is the study of the economy as a whole: questions. 2/23/15 10:09:00 am: 1) what determines an economy"s rate of economic growth, 2) what causes a country"s level of economic activity to fluctuate. Sometime growth rate above average, or below average which maters. For smaller economies the answer is easy. Whistler for example: what influences their economic activity is if there is snow or not, also if there are any snowboarders or skiers etc. Micro vs macro: microeconomics is the study of the smaller scale of individuals markets, macroeconomics the study of the larger scale of the overall economy. The principal actors in an economy: workers/consumers, who we are, firms, big ( microsoft, apple) and small (grocery stores etc, government impose regulations and influence behavior in the economy, taxation. Income taxes, sales taxes (they all influence behavior: spending, laws and regulations, monetary system, production involves the conversation of inputs into (more useable) outputs.