ECON 110 Lecture Notes - Lecture 1: Resource Allocation, Nomic, Opportunity Cost

• School: Queen's University
• Department: Economics
• Course: ECON 110
• Professor: Gerald M Barber

Document Summary

Economy in the long-run, money, banking, and monetary policy, macroeco- nomic problems, open economy macroeconomics. The instructor for this class is michael barber, who is available monday and wednesday, and friday from. 1-4pm, and 10am-12pm and can be found at dunning 304. These notes re ect a process of pre-reading, attending classes, and doing homework, and are the most comprehensive collections of information for econ 110 - 003: principles of economics. Further e orts should be made to consolidate the information at higher taxonomies. Notes are written in telegraphic sentences and personal analyses are written within parentheses. For example, governments have a limit on what they can spend and countries often can"t cheaply produce certain goods. Scarcity gives rise to the economic problem of choice. Where scarcity exists, choices must be made to determine what can be had and what cannot be had. Alfred marshal argues that economics is a study of mankind in the ordinary business of life.