ECON 1000 Study Guide - Midterm Guide: Comparative Advantage, Demand Curve, Opportunity Cost
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ECON 1000 Full Course Notes
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Chapter 1 e. g (cid:313) pgas (cid:314) (cid:315) qgas consumed (cid:314) (cid:315) global arming e. g to (cid:315) global arming we ought to (should) (cid:313) pgas or ration gas. Analytical framework: history understand past & experiences can help current & future issues, theory helps to understand problem (roadmap). Focuses on core issues, simplifies: measurement theory & facts, explains & helps to understand reality, policy economic policy tries to understand world, not just interpret it. Positive statements can be true/false, capable of testing facts. Normative statements can"t be tested, depends on values (what ought to be) Economic problem & task: production organize economic system for sufficient production & survival (ppl need basic needs, jobs, reproduce distributing income so more production can occur (economics & inputs needs to continue every year) Economic solution: tradition traditions passed on through generations (organized by heredity, tradition, command one leader in power (slavery, command). (re)production organized by leader, market market is dynamic & helps self interest.
