ECON 2000 Lecture 1: Econ notes 1

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The role that savings play is huge thats why east asia is growing in business. Bric was the set of first inductraized countries that came up : brazil, russian, india and china they came about 15 years ago. China does have the highest growth and india has huge potential both have huge populations. Population is not always a good determent of growth. They do want to add in south africa brics. The carbs canada, australia, russia, brazil and south africa. They all have all the commodities ( aluminimum, zinc, copper) Gdp, inflation and unemployment = the big three factors. Buying cars = good indictor of economic activity. Example: buying smart phones exogenous values would be income and population. On the demand side there are changes in preferences. On the supply side there are changes in the prices of the inputs. If prices are sticky then you"re in short run means they don"t change the prices.

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