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ECO105Y1 (54)
Lecture

ECO105_Lecture 2_15 September.pdf
ECO105_Lecture 2_15 September.pdf

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School
University of Toronto St. George
Department
Economics
Course
ECO105Y1
Professor
A.Kochetov
Semester
Fall

Description
ECO105 Lecture 2September 15 2014Micro Ch1 Scarcity OC TradeQuiz 1 Ch12 available next week due Saturday 4 October 2014 1159pm GRADEDPositive statement vs normative statementPositive statementAbout what is can be evaluated as true or false by checking the factsNormative statementAbout what you believe should be involve value judgmentsCannot be factually checkedFor any policy always weigh benefits against opportunity costsEconomists usually focus on positive statementstrace and look at consequencesEfficiency and equity tradeoff Taxation to achieve equity goal but reduces efficiency lower incentives to workGains from tradeWe dont produce everything we want but specialize in somet
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