ECO 1304 Study Guide - Spring 2018, Comprehensive Midterm Notes -
12 Oct 2018
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Document Summary
The causes of the wealth of nations. (adam smith) Laws which regulate the distribution of the produce of the earth. (david ricardo) Laws of motion of capitalism. (karl marx) The study of mankind in the ordinary business of life. (alfred marshall) A science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. (lionel robbins) While the main purpose of the course is for students to become able to think like economists , a subsidiary objective is also for students to understand the limits of simple economic reasoning . Each economic model is based on assumptions and every one of these models is only valid so far as its assumptions are relevant to the object of study . Macroeconomics is interested in the economic system as a whole . Microeconomics is mainly concerned with the study of individual markets or agents in isolation . The production of the whole national economy.
