[ECON 101] - Midterm Exam Guide - Comprehensive Notes for the exam (28 pages long!)

• School: University of Waterloo
• Department: Economics
• Course: ECON101
• Professor: Nafeez Fatima

Document Summary

Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Marshall"s definition is based on methodological individualism explains why individuals behave as they do and broad generalizations about groups or types of people hampers the understanding of human behavior. Jim duesenberry: economics is all about how people make choices. Sociology is about why there isn"t any choice to be made. John maynard keynes: the theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps it possessors to draw correct conclusions. Lionel robbin: economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. (most famous definition)