Eco Lecture , Not Mine

Lecture 1 Introduction to Economics and the Economy 1 Housekeeping Edward Mariyani-Squire check of art (Economics) 0421 771 447 e.mariyani-squire@uws.edu.au 2 Introduction to Economics 3 Introduction ? Resources ? production ? consumption. Macro economic science and microeconomics. Positive and normative economics. ? ? 4 Introduction ? ? ? Is positive economics a science? What demarcates science from non-science? Kitzmiller v. D over Area School District. ? ? Defence: ID uses a scientific method. Judgement: IDs motif is religious & undermines its scientific pretensions. 5 Science ? ? Why do economists disagree over policies? Different assumptions, judgements about evidence, and apprises. 6 Quick quiz ? a) b) c) d) e) Which of the following is an example of microeconomics? Recessions dress unemployment. Interest rank affect house prices. Interest rates affect aggregate borrowing. Inflation is dangerous. The GFC was not really international. 7 Quick quiz ? a) b) c) d) Which of the following is a normative statement? When the economy booms, puffiness rises. If interest rates rise, inflation will fall. If the RBA wants inflation to fall, it has to sum up interest rates.

Inflation is too high, so the RBA should increase interest rates. 8 Some Features of an Economy 9 Some Questions ? ? ? ? ? ? ? How big is the economy? How unfluctuating does it grow? What is its structure? How is its income divided up? How many lot are unemployed? Whats happening to prices? How big is the governing? 10 How big is the economy? ? Nominal GDP = total value of yield per year. Real GDP = total value of output per year, holding prices constant ? measure of output. 11 ? 1 2 3 4 5 6 7 8 9 10 EU US China India Japan Russia Brazil UK France $15.4 one thousand million $15 meg $11.3 trillion $4.5 trillion $4.3 trillion $2.4 trillion $2.3 trillion $2.3 trillion $2.2 trillion 11... If you want to get a full essay, order it on our website: Orderessay

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