Mr Peter W
Global Economy Lecture 1
Matt Larkin
Macroeconomics – 2nd edition = “ipad on front cover” - hubbard garnet Louis o’brien.
Consultation on Monday (b4.06), wednes and Thursday
Lb Thursday at 3pm for a support tute.
Assessments
15% online test
25% individual written assignment – due on 12th may
‘’income lab’’ – practice q’s online only if bought new copy of book
60% final exam. (hurdle)
Deakin referencing; reference Harvard
- go to deakin library site
Topic 1
Market – a group of buyers and sellers of a good or service and the institution or arrangement by which they come together or trade.
3 key ideas
1. people are rational
2. respond to economic incentives
3. optimal decisions are made at the margin.
Marginal analysis; Analysis that involves comparing marginal benefits and marginal costs.
Optimal - outcome achieved is the best possible outcome given the resources of the buyers and sellers. No outcome can be better without making someone else worse off.
Margin –
Optimal decisions are made at the margin the more you have of something the less you are willing to pay for of the same item.
Scarcity and Trade-off’s
Resources (define)
Trade-off; the idea that because of scarcity, producing more of one good or service mean producing less of another good or service. Weigh up the decisions.
2. how will the goods be produced?
4. should we leave these decisions upto the market?
Consumer sovereignity – consumer is king
Modern mixed economy –
Efficiency and equity
Allocative efficiency
Dynamic efficiency
ECONOMIC MODELS
Economic hypothesis – may be incorrect or correct
Developing a model
3. Use economic date to test a hypotheses –
4. revise model
Normative (how the world ought to be) and positive analysis (how it actually is)
Globalisation
Hey babe! Glad to see there are other people on CL who are looking for the same thing that i am. To be
Matt Larkin
Macroeconomics – 2nd edition = “ipad on front cover” - hubbard garnet Louis o’brien.
Consultation on Monday (b4.06), wednes and Thursday
Lb Thursday at 3pm for a support tute.
Assessments
15% online test
25% individual written assignment – due on 12th may
‘’income lab’’ – practice q’s online only if bought new copy of book
60% final exam. (hurdle)
Deakin referencing; reference Harvard
- go to deakin library site
Topic 1
Market – a group of buyers and sellers of a good or service and the institution or arrangement by which they come together or trade.
3 key ideas
1. people are rational
2. respond to economic incentives
3. optimal decisions are made at the margin.
Marginal analysis; Analysis that involves comparing marginal benefits and marginal costs.
Optimal - outcome achieved is the best possible outcome given the resources of the buyers and sellers. No outcome can be better without making someone else worse off.
Margin –
Optimal decisions are made at the margin the more you have of something the less you are willing to pay for of the same item.
Scarcity and Trade-off’s
Resources (define)
Trade-off; the idea that because of scarcity, producing more of one good or service mean producing less of another good or service. Weigh up the decisions.
2. how will the goods be produced?
4. should we leave these decisions upto the market?
Consumer sovereignity – consumer is king
Modern mixed economy –
Efficiency and equity
Allocative efficiency
Dynamic efficiency
ECONOMIC MODELS
Economic hypothesis – may be incorrect or correct
Developing a model
3. Use economic date to test a hypotheses –
4. revise model
Normative (how the world ought to be) and positive analysis (how it actually is)
Globalisation
Hey babe! Glad to see there are other people on CL who are looking for the same thing that i am. To be