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ECON202 (2)
Lecture

Lecture # 1 First Econ Class, for those who missed it.

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Department
Economics
Course
ECON202
Professor
Joseph Dejuan
Semester
Fall

Description
ECON 202Joseph DeJuan 208 Hagey Hall 5198884567 ext 33549 jdejuanuwaterlooca Office hour On ACE Chapter 1 The Science of Macroeconomics Macroeconomics the study of the economy as whole address many topical issues why does the cost of living keep risingwhy are millions of people unemployed even when the economy is boomingwhat causes recession Can the government do anything to combat recessionswhat is the government budget deficit How does it affect the economywhy does the Canadian dollar appreciate Economic Modelsare simplified versions of the real worldirrelevant details are stripped awayare used to show relationships among variables Example SupplyDemand for pizzaAssumption competitive market d Variables Qquantity of pizza that buyers demand sQ quantity that producers supplyP price of pizzaYaggregate income Pprice of flour an input f dThe demand equation QDPY Shows that the quantity of pizza consumers demand is related to the price of pizza and aggregate income
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