Economics 1021A/B Study Guide - Midterm Guide: Ceteris Paribus, Positive Statement, Economic Model

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ECON 1021A/B Full Course Notes
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ECON 1021A/B Full Course Notes
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Can be proven true or false: observation and measurement, model building. Ceteris paribus other things being equal: testing models. Scarcity - our wants are greater than our abilities to satisfy them. This leads to the necessity for making choices about how we use our resources. Incentive- is a reward that encourages an action or penalty that discourages one. Economics- is the social science that studies the choices of individuals, businesses, governments, and entire societies makes they cope with scarcity and the incentives that influence and reconcile those choices. Microeconomics - the study of individual consumers, workers, producers, businesses, and industries. Macroeconomics - the study of the economy as a whole. Growth of economy- wide production, changes in unemployment, and rates of inflation are the most common concerns. The economic problem: what to produce, how to produce, for whom to produce, where to produce, when to produce.

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