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University of Lethbridge Department of Economics ECON 1012 Introduction to Microeconomics Instructor: Michael G. Lanai Chapter 21 Jobs & NFL 1) The working age population is the total number of people A)

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What's up everyone Patrick here and in this video what were going to do is go through an overview of what economics is so this is going to be a very high-level overview and then as the course progresses as the videos progress well get more and more into detail, but you'll see in those future videos I'm going to be coming back to this higher level overview that were going to go over in this video so before getting into details I feel like just having that birds-eye view of where everything fits in is going to help you file things in your mind a little better, and then it's going to make your studying of the more detailed concepts later in the course a lot smoother of a process so to start off basically economics in its very raw fundamental form is the relationship between a consumer and a producer and more specifically what happens is that a producer provides a consumer with goods or services and then a consumer provides the producer in exchange for the goods and services they provide them with money now this relationship here or this transaction if you will is the raw building blocks of economics of what economics is all about, and you'll see throughout the course even when were dealing with more advanced concepts I'm going to be continually bringing back this relationship over here now a couple of things I want to mention this number one there could be other parties involved not just a consumer and a producer a good example of that there may be like government involved you can kind of think of that party as being sort of on the sidelines of this relationship perhaps regulating the relationship and were going to cover govern in future sections another thing I want to mention is I wrote money over here and this money could mean a lot of things it could mean income that you're receiving, but it could also mean debt or credit so if you purchase something on a credit card you're using debt or credit to purchase that good or service but in this video were going to focus more so on income that you've made that money that you received as a consumer, and then you're going to use that income to buy goods and services from a producer, but then income can also be classified into different things as well see later on, so income could be from labor from wages from your job but let's say you have a bunch of real estate it could also be rent that you're receiving or if you have investments it could be interests okay so that income can come from different sources another thing is that I could have actually made this relationship here even a higher level overview it could have generalized it a bit more and instead of writing money I could have written medium of exchange because money isn't the only thing that could be given to receive a good or service you may run into scenarios where a good or service for example is given for another good or service and this here is called a barter of bartering transaction which well cover in a future video however most...

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What is lethbridge econ 102 chapter?

Lethbridge Econ 102 chapter typically covers the principles of microeconomics, including supply and demand, market structures, and consumer behavior.

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Students enrolled in the Econ 102 course at Lethbridge University are required to file assignments and participate in class activities related to this chapter.

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The purpose of the lethbridge econ 102 chapter is to educate students on foundational microeconomic concepts and how to apply them to real-world scenarios.

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