Economics 2150A/B Lecture Notes - Equation, Shortage, Exogeny
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ECON 2150A/B Full Course Notes
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Microeconomics is the study of the economic behavior of. Microeconomics is the study of the economic behavior of individual economic decision-makers such as consumers, workers, firms or managers. This study involves both the behavior of these economic agents on their own and the way their behavior interacts to form larger units, such as markets. In order to portray the way individuals make decisions, the way firms behave and the way in which these two the way firms behave, and the way in which these two groups interact to establish markets, economists develop models. Economic models explain why economic decisions are made and allow us to make predictions. p. For example, an economist may construct a model to show how a drought in colombia might affect the price show how a drought in colombia might affect the price of coffee in canada.