ECON 201 Chapter Notes - Chapter 1: Business Cycle, Mixed Economy, Opportunity Cost
![ECON 201 Full Course Notes](https://new-docs-thumbs.oneclass.com/doc_thumbnails/list_view/2285043-class-notes-ca-concordia-ca-econ-201-lecture25.jpg)
19
ECON 201 Full Course Notes
Verified Note
19 documents
Document Summary
Since it uses scienti c methods it is called a social science. We study human behaviour to better understand and improve our world. Macroeconomics: the study of the economy as a system in which interactions and feedbacks among sectors determine national output, employment and prices. Microeconomics: the study of individual behaviour in the context of scarcity (p nurie) Mixed economy: goods and services are supplied both by private suppliers and government. Model: a formalization of theory that facilitates scienti c inquiry (enqu te) Theory: a logical view of how things work, and is frequently formulated on the basis of observation. Opportunity cost: what must be sacri ced when a choice is made. Production possibility frontier (ppf): the combination of goods that can be produced using all of the resources available. Consumption possibility frontier (cpf): the combination of goods that can be consumed as a result of a given production choice.