ECON 2010 Lecture 2: Micro Econ 2010 Chapter 2 Notes.
46
ECON 2010 Full Course Notes
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Scientific method = dispassionate testing of theories about the world. Use tools to look at the world. Assumptions = simplify a complex world, easier to understand. Easier to gain insight by looking at things as simply as possible. Models = simplified recreation of a more complicated reality. How $ flows between households and firms. Thinking of the economy as a flow, interacting through markets. A relationship between opportunity cost and the graph = slope. First 7 principles were micro, last 3 were macro. Studying things like inflation, unempl, int rates, etc.
