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Chapter 2

Principles of Macro [Mankiw, Kneebone, McKenzie] - Chapter 2 Notes

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School
Department
Economics
Course
ECON 2020U
Professor
Peter Cheung
Semester
Winter

Description
ECON2020Chapter2NotesTHINKINGLIKEANECONOMISTThinkingLikeanEconomistTermsCircularflowdiagramavisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirmsProductionpossibilitiesfrontieragraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnologyPositivestatementsclaimsthatattempttodescribetheworldasitisNormativestatementsclaimsthatattempttoprescribehowtheworldshouldbeEconomicModelsEconomicmodelsworktosimplifyrealityinawaywecanunderstanditIfaneconomicmodelweretotrytoemulateactualrealityitwouldbeimpossibletocomputeonecauseandaffectsystemSinceassumptionsmustbemadetosimplifytheeconomicmodelsitmustbeunderstoodthatthemodelsmaynotexecuteexactlyintherealworldGenerallystatisticalmodelsareasaccurateasmodelswilleverbeOurFirstModelTheCircularFlowDiagramTheeconomy
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