100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ECON 203 Notes for Lectures 1&2 Introduction to Macroeconomics (Concordia University). CA$16.48   Add to cart

Exam (elaborations)

ECON 203 Notes for Lectures 1&2 Introduction to Macroeconomics (Concordia University).

 3 views  0 purchase

ECON 203 Notes for Lectures 1&2 Introduction to Macroeconomics (Concordia University).

Preview 2 out of 13  pages

  • March 31, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Unknown
All documents for this subject (9)
avatar-seller
smartzone
lOMoARcPSD|63 53920




ECON 203 Notes for Lectures 1&2 Introduction
to Macroeconomics (Concordia University)

, lOMoAR cPSD| 6353920




1
: Introduction to Macroeconomics – Curtis, Irvine
Notes for Lectures – 01 & 02

Ch. 1: Introduction to Key Ideas Ch. 2:
Theories, Data and Beliefs
Ch. 3: The Classical Marketplace – Demand & Supply
Economics

• Economics is the study of human behaviour.
• It uses scientific methods. This is why it is called a social science.
• We study human behaviour to better understand and improve our world


Scarcity
• Scarcity means that individuals and societies have limited resources and thereforecannot
produce “all” the goods and services we wish to have.

• Wants are unlimited, while the resources are limited or finite.

• Scarcity is not shortage or poverty, as rich and poor individuals and societies face thesame
dilemma: their resources are limited in comparison to all of their wants.

• Therefore, scarcity is a relative term.

• All economic questions arise from the single and inescapable fact: we cannot alwayshave
everything we want.



Consequences of Scarcity
• Scarcity implies constraints that create the need for decisions in making choices.

• Decisions refer to the “management of resources” or “how to allocate scarceresources
among competing uses”.

• Making decisions to choose what to do implies trading off one goal against another

• Making good decisions for the improvement of the society is the objective

• Decisions require comparing costs and benefits of alternatives

• The cost of something can be financial, it can be measured in time, or the forgonealternative
(what one gives up to get it)

• Opportunity cost of an item is what one gives up to obtain it



• Opportunity Cost of a Society’s decision: The benefit forgone by not using the

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller smartzone. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$16.48. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78998 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$16.48
  • (0)
  Add to cart