ITM quiz 3.DOC

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Department
Information Technology Management
Course
ITM 102
Professor
Catherine Middleton
Semester
Winter

Description
LIMITS, ALTERNATIVES, AND CHOICES (1) TEN KEY CONCEPTS 1) HOW PEOPLE/INDIVIDUALS MAKE DECISIONS 2) HOW PEOPLE/INDIVIDUALS INTERACT 3) HOW THE ECONOMY AS A WHOLE WORKS (2) THE ECONOMIC WAY OF THINKING 1) SCARCITY AND CHOICE 2) PURPOSEFUL/RATIONAL BEHAVIOUR 3) MARGINAL ANALYSIS: BENEFITS & COSTS (3) THEORIES, PRINCIPLES, AND MODELS 1) SCIENTIFIC METHOD : “THE SYSTEMATIC PURSUIT OF KNOWLEDGE THROUGH THE FORMULATION OF A PROBLEM, COLLECTION OF DATA, AND THE FORMULATION AND TESTING OF HYPOTHESES TO OBTAIN THEORIES, PRINCIPLES, AND LAWS.” 2) ECONOMIC PRINCIPLES : “STATEMENTS ABOUT ECONOMIC BEHAVIOUR OR THE ECONOMY THAT EABLE PREDICTION OF THE PROBABLE EFFECTS OF CERTAIN ACTINS, E.G., INTEREST RATES AND INVESTMENT, CONSUMPTION AND DISPOSABLE INCOME.” 1. GENERALIZATIONS 2. OTHER-THINGS-EQUAL (CETERIS PARIBUS) 3. GRAPHICAL EXPRESSION (4) MACROECONOMICS & MACROECONOMIS 1) MACROECONOMICS 2) MICROECONOMICS 3) POSITIVE & NORMATIVE ECONOMICS (5) THE ECONOMIC PROBLEM (A) THE INDIVIDUAL’S ECONOMIC PROBLEM
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