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ECON 1BB3 (332)
Chapter 2

CHAPTER 2.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
CHAPTER 2 Microeconomics vs. Macroeconomics Microeconomics  Individual households and firms and how they interact Macroeconomics Economy­wide phenomena such as interest rates, unemployment, money  and growth  Efficiency vs. Equity  Efficiency  Efficiency is the size of the pie Equity Equity is how the pie is divided Positive vs. Normative Positive (Fact, descriptive, evidence) The word “as it is” (The world is flat) Normative (Prescriptive, should be, value judgment) The world “as it should be” (It’s a good thing that the world isn’t flat) Classify Variables Real variables vs. nominal variables  Real: physical units; relative  Nominal: money Stock variables vs. flow variables  Stock: At a point in time  Flow: Over a period of time Production Possibili
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