-Warm-up Exercise – 45-90 min depending on how fast you do it, 2%. Nothing about course
material, about your goals and personality traits. Do it the first week.
http://warmup.utoronto.ca will get confirmation of completion when done
-Tests 1, 2 &3 – 1h, 14% of grade, written by our prof, only on material covered in that
-Final Exam – 3h 50%. (on whole year) Common part (same across all ECO100 sections, all
multiple choice) and second part written by our prof (MC and short answer)
-In-Tutorial exercises – 6%. GO TO YOUR TUTORIALS Short in-tutorial exercise, just
answer the question. Marks for completion not right or wrong. 6% = 6 fall tutorials + 6 winter
tutorials, 0.5% for each tutorial exercise.
-Microeconomics: Topics 1-14, Macroeconomics: Topics 15-21
-Ex. Today: Topic 1: Intro to Economics (M Chapter 1 &2) -> M = text by Mankiw
-One topic may span more than one lecture
-Chapter 1 and 2 are important as they help conceptualize what we will be learning. They
help us understand why we’re studying the topics included in the textbook.
-We were supposed to start chapters 1 and 2 today but we didn’t get to it. It will be taught
next class. Look at the slides (posted on Blackboard) and read/skim the two chapters
before next class.
ECO100Y1 – Lecture 2 - Intro to Microeconomics & Appendix: Graphing
-The study of how society manages its scarce resources (scarcity – the limited nature of
society’s resources, we need to learn how to manage them)
-Ex. How people decide what to pay, how much to work/save/spend. How firms decide
how much to produce, how many workers to hire. How society decides how to divide its
resources between national defense, consumer goods, protecting the environment.
-Microeconomics = level of households and firms. How they make decisions and interact
-Macroeconomics = level of society in general. A study of economy-wide phenomena (ex.
Economic growth, inflation, GDP, unemployment, etc.)
-Microeconomics and macroeconomics are closely intertwined.
Principles of how people make decisions: