ECO101H1 Chapter Notes - Chapter 1: John Maynard Keynes, Sunk Costs, Opportunity Cost
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ECO101H1 Full Course Notes
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Economics: the study of how people make choices underconditions of scarcity and the result of those choices for society. Micro econ: thestudy of individual choices under scarcity and the implications of these choices for the behaviors ofprices and quantities in individual markets. Macro econ: the study of the performance of nationaleconomies and the policies that governments use to try to improve thatperformance. Alfred marshall- an economist of the 19th andearly 20th century who published principlesof economics (focused on micro econ). John maynard keynes: a birtish economist whose the general. Theory of employment interestand money is widely regarded as the seminal work in modern macroeconomics. Economic theories are often expressed as abstract models;involves abstracting from unnecessary details. Economic model: a representation of economic reality thathighlights particular variables and the relationships among them. Rational decision maker: someone with clear objectives whobehaves logically to achieve those objectives.
