CAS EC 101- Final Exam Guide - Comprehensive Notes for the exam ( 88 pages long!)

• School: Boston University
• Department: Economics
• Course: CAS EC 101
• Professor: Michael Manove

Document Summary

Economic thinking helps us see things that other people might miss. Correct: e - sex is associated with unhappiness among harvard students who see psychiatrists. In more complex economies, efficient specialist producers use large quantities of inputs to produce large quantities of outputs. Cm: primary focus of economics is human behavior. Is how people organize themselves for the production and distribution of goods and services. Is what people do in order to create necessities and conveniences. Not how to run business (management) and how to make money. Similar to real-world objects in details that important to the intended analysis but simpler in details unimportant to analysis. Economists prefer mathematical models: q = f(p), etc. Economic concepts: economic agents, agent is person or group that plays an active role in the economy, 3 important types, households, individuals living alone, small groups living together (often related) and making joint economic decisions.