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All Lecture Notes for Midterm.docx

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ECON 201

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ECON 201 Microeconomicsstudy of the behavior of individual agents and marketsMacroeconomicsfocuses on broad aggregates such as overall production employment process etcKey Issues in Microeconomics o Efficiencysociety is getting the most it can form the scarce resources o Equitydistributing income fairly among members of society Market System is better at ensuring efficiency vs equity o Market Failurefree functioning market fails to allocate resources efficiently o Externalityimpact of one persons actions on a bystander Ex pollution o Market Powerthe ability of an economic agent to have a substantial influence on market prices Ex Monopoly you have one seller and the can drive up the price and they are the only game in town so in result they arent regulated No body can ever drive the price down Economic Models o StatementsPositivetestable statements they dont have to be correct but you can figure out if it is right or wrong Ex If you say the price of gasoline is 909 cents you can go out and check if it is right or notNormativeopinions value judgments o Theory o Assumptionsused to focus theory o Hypothesis o VariablesEndogenous induced dependentvariables explained within a theoryExogenous autonomous independentoutside factors o DangersUnrealistic AssumptionsEmbedded Value Judgments Graphs o Positive vs Negative Correlationwhen two variables move in a certain direction if one goes up and ones goes down its negative correlation o Direct vs Inverse Relationship o Sloperiserun Production Possibility Frontier PPF Chapter 2
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