ECON 102 Lecture Notes - Lecture 1: Productive Forces, Barter, Manual Labour
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ECON 102 Full Course Notes
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Models: simplifications to understand complex situations and draw conclusion of cause and effect. Simplifications to help understand the concepts that are too complicated to fully grasp: they are usually mathematical or thought experiments , suppose the world works as if the model were true. We hold still all relevant moving parts that aren"t currently of interest to the application at hand: interest rates & investments. We would be looking into these rates while ignoring the current events which could affect them: resusci annie. The teeth, hair, and skin are not the same because we are only focusing on the lungs and ribcage of a person. The dummy has no lower body, which in unrealistic, but it is enough to serve as an educational tool for learning cpr. We ignore the other factors to better understand the main concept at hand. In the real world there is no such thing as non-constants.
