ECON BC 3033x Lecture Notes - Lecture 1: Macroeconomics, Microeconomics, Product Market
11 Sep 2016
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Send an email if you plan to go beforehand in case he"s late. Can also email for a separate appt. Dont need most recent edition of book, but need launchpad (online platform) Anything discussed is fair game for tests. Should be able to talk about it. Best way to study is to talk about it (youtube vid) Macroeconomics aggregates of markets, patterns/ trends/ cycles of large entities. Microeconomics study of individuals, consimers, specfic type of markey. In this simplistic model 2 players in economy. Product market exchange for goods & services. Makes prediction, see what each input does to output. Milton freedman, job of model is to predict something . Models do good job of predicting and manipulating. But simplification doesnt capture mechanics of whats going on. Need to understand what things are worth ignoring & which to include @ cost of complexity. Endogenous variables parts of model explicitly accounted for in model, spark outcome of model.
