ECN 110 Midterm: Midterm Review
12 Mar 2015
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The test will be held in class on friday, march. 13 in the normal classroom (eph 441) at the normal time (10 am). Midterm test: make sure you bring, your student id (very important!, a pencil and eraser (since the scantrons will only read pencils, a calculator (optional) Review: during the remainder of this class i will highlight some of the issues you should watch for when you review the test material. 1. 2 the economic way of thinking: scarcity and choice, purposeful behaviour, marginal analysis: benefits and. 1. 3 theories, principles and models: the scientific method: Test by comparing actual outcomes to the hypothesized predictions. 1. 3 theories, principles and models: deriving theories. Individual units (household, firm or industry) and their decision making process: macroeconomics examines. The analysis of facts to establish cause-and-effect relationships: normative economics. The part of economics involving value judgments about what the economy should be like. Increasing opportunity costs: illustrates production choices, assumptions:
