[ECON 1011] - Final Exam Guide - Everything you need to know! (52 pages long)

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ECON 1011 Full Course Notes
ECON 1011 Full Course Notes
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Deductive reasoning vs. inductive reasoning: deductive if (x) then (y) (assumptions conclusions, inductive if we observe y then x could explain it (y = observations, x = explanations, economics is using both reasonings simultaneously. Deductive reasoning: supposition (application of logic, if x (is true) then y (is true) If assumptions are true, we can jump to the conclusions: it does not follow a false statement. If x (x is not true) then y (y is not true) assumptions vs. If the assumptions are not true, we cannot jump to the conclusion is incorrect. A map is a model, using deductive reasoning to determine if (x, y, z) are true, (a, b, c) are true too: black lines clearly represent roads, but are not actually roads just a representation. Assume black lines represents roads in a town. Assume the drawn house represents starting point. If you assume many given ideas presented in the map, you can then follow the representation.