EC120 Lecture Notes - Lecture 1: Mixed Economy, Marginal Cost, Opportunity Cost
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EC120 Full Course Notes
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Document Summary
Determining the value of a human life is extremely important question: when designing highways or deciding whether to fix a road. In canada between 2 and 10 million dollars is the cost of a human life: different organizations use different amounts. Marginal cost: what are the appropriate dimension for a decision. Positive vs normative questions: what questions do economists focus on, positive means there is a correct answer, normative means more opinionated and people could logic different. What the class will look like there will be pre-lecture study modules that you need to complete before class. Post lecture homework assignments review quizzes before midterms and exams. Read the text before class and complete the dynamic study modules. Anything in the textbook, talked about in class or on the study modules is testable. Attend class and complete the clicker questions. Review ideas and summarize in your own words. Ask questions/for help in-class or office hours.
