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BSB113 Lecture and Tutorial Notes

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Lecture and Tute notes from semester 2, 2017. Notes form lectures 2, 4 and 7 cover all the theory needed for the essay

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63 Pages Complete Study Notes 1-2 Years old
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5 Ex Credits


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Topics this document covers:
Demand Economics Economy Elasticity Microeconomics Market Economics laws Demand curve Price elasticity of demand Supply and demand Supply Cross elasticity of demand
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Demand Economics Economy Elasticity Microeconomics Market Economics laws Demand curve Price elasticity of demand Supply and demand Supply Cross elasticity of demand
Sample Text:
Macroeconomics: • The study of the economy as a whole, including topics such as inflation, unemployment and economic growth The economic problem: • The economic problem is faced by everyone because of issues of scarcity o there are unlimited wants o limited/scarce resources • Producing more of one good or service, or undertaking more of one activity means producing less of another good or service o there are trade-offs The key economic concepts behind how choices are made: • People are rational o We weigh up the benefits and costs of an action o Choose an action if benefits exceed costs • People respond to economic incentives • Optimal decisions are made at the margin o Individuals compare the marginal benefits and marginal cists o True for...
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