ECON 1P92 Lecture 1: Week 1

• School: Brock University
• Department: Economics
• Course: ECON 1P92
• Professor: Indra Hardeen

Document Summary

Need to look at questions given from textbook every week to talk about with ta in tutorial every week. Not being marked, but helps keep on track with course. All midterms and the final exam will be multiple choice. Focusses on the whole (aggregate) supply and demand. Professor giving a list of topics we are just talking about throughout the semester. Just because it is not a natural science does not mean that we do not use the scientific method. Economists make observations --> develop a theory--> collect more observations. Economist theorize that: prices go up when governments print too much money. Price data and money supply data globally is then collected. To use the scientific method, economists make a lot of assumptions. They make simplifying assumptions to simplify the complex world. Simplify by taking 2 countries and assume 2 goods. Make a large model by analyzing the simple, and growing the model.