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ECON 1006

Economics is a social science with the central purpose of studying the allocation of scarce resources among alternative competing uses. The purpose of this course is to introduce students to basic analytical principles and to provide tools of analysis that can be used to understand economic phenomena, issues and policies.

The organization of this course reflects the division of Economics into two main categories: microeconomics and macroeconomics. The first course (ECON1006) focuses on microeconomics, which deals with the behaviour of individual economic agents (households, firms and government), with the determination of prices and quantities in individual markets for resources and commodities, and with the role of governments in the functioning of the market system.

Macroeconomics (ECON1007) deals with the determination of economic aggregates such as levels of national output, consumption, investment, employment and the average level and the rate of change of all prices. This course will also look at how government policies will influence aggregate economic behaviour and performance.