Textbook Notes (363,062)
Canada (158,169)
Economics (923)
ECN 104 (388)
Eric Kam (21)
Chapter 2

Chapter 2

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Ryerson University
ECN 104
Eric Kam

Chapter 2 Economists as scientist Economists play two roles: o Scientists: try to explain the world o Policy advisors: try to improve it Key words Definition Assumption Used to simply the complex world, making it easier to understand Models Used to study economic issues; highly simplified representation of a more complicated reality in order to increase understanding Microeconomics The study on how firms and households make decisions and how they interact with them Macroeconomic The study of economy wide phenomena; forces and trends that effect s economy Positive Attempts to describe the world as it is statement Normative Attempts to describe the world as it should be statement Scientific Observation, theory, and more observation method Opportunity Opportunity cost of an item is what must be given up to obtain that cost item (slope of p.p.f = opportunity cost) Economic diagrams 1. Circular flow diagram www.notesolution.com
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