EC120 Lecture Notes - Lecture 1: Demand Curve, Economic Equilibrium, Perfect Competition
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EC120 Full Course Notes
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Ec120 lec 1 sept 11 kenjackson@wlu. ca: key concepts. How many people in canada are poor: news usually focus on children or senior, normative- what do we mean by poor, positive- how many people have an income below that, 9. 7% from stats can. Measuring rich and poor in most developing countries, there is a better measurement of low and high income. Normative q- could not have a right answer. Modeling economic activity: models are simplifications, the(cid:455) do(cid:374)"t lead to all the a(cid:374)s(cid:449)ers but they guide you. they create precision, makes you think about detail, ppf, economy that produces two goods. Not realistic but its to try to develop precision: ppf does(cid:374)"t sa(cid:455) a(cid:374)(cid:455)thi(cid:374)g a(cid:271)out e(cid:395)uit(cid:455) If population increased; parallel shift outwards potentially, technology imorovement. If people get better at building houses; shifts out, no change in cars but more in houses: opp cost went down, fewer hours to make a house, takes less time *****help.
