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ECON 1010 (200)
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Department
Economics
Course
ECON 1010
Professor
Dr.o'shaughnessy
Semester
Fall

Description
Lecture 2 ECONOMICS 1BB3: 1. Why is economics difficult? o Express ideas in economics:  English language  Algebra/equations  Diagram/graph o Translate between each different form of communication o Ex. When the price of coffee rises, people drink less coffee  Wd/c=100-2.3Pc 2. Economics is a social science o Social=people o Science=use scientific method  Observe  Theorize  Test theory 3. Microeconomics vs Macroeconomics o Microeconomics: individual households and firms and how they interact o Macroeconomics: economy-wide phenomena such as interest rates, unemployment, money, and growth 4. Efficiency vs Equity o Efficiency is the size of the pie o Equity is how the pie is divided 5. Posi
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