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ECON FINAL REVIEW (got 96%)

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Department
Economics
Course
ECON 2000
Professor
All Professors
Semester
Fall

Description
ECONFINALREVIEWChapter1Economics is the study of how individuals and societies choose to use the resources that nature and previous generations have providedWhy Study EconomicsoTo learn a way of thinkingoTo understand societyoTo understand global affairsoTo be an informed citizenOpportunity CostoThe best alternative that we forgoMicroeconomicsoDeals with the functioning of individual markets and industries with the behavior of individual decision making units business firms and householdsMacroeconomicsoLooks at the economy as a wholePositive EconomicsoAttempts to understand behavior and the operation of economies without making judgments about good or badoDivided into two partsoDescriptiveInvolves the compilation of data that accurately describe economic facts andeventsoEconomic TheoryAttempts to generalize and explain what is observedInvolves statements of cause and effect action and reactionNormative Economics
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