ECON-UA 1 Lecture 1: Intro to Macroeconomics
4 Sep 2015
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Econ ua 1 lecture 1: intro to macroeconomics. A social science, the study of choice under the condition of scarcity. Scarcity of resources forces us to make choices and compromise. Uses models to predict spending behaviors and changing trends. Micro: the study of individual decision makers in individual markets. Macro: the behavior and interaction of economic aggregates. Taking distinct industries/markets and combining as an entire economic study. Gop, employment, unemployment, interest rate, price level, inflation rate. If you raise interest rate, you will slow economic growth .
