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Exam 1 Notes (got 96%)

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Department
Economics
Course
ECON 2000
Professor
All Professors
Semester
Fall

Description
Exam1February21Chapters15Chapter1EconomicsoStudyofhowindividualsorsocietieschoosetousescarceresourcesthatnatureandpreviousgenerationhasprovidedThereslotsoforganizationinthewaythatthingsaremadeoExPencilsleadismadeinAfricaplasticcomesfromoilwhichisthenturnedtoplasticthenitsallshippedtoChinaandmadeintoapencilWhyStudyEconomics1WayofthinkingThreeFundamentalConceptsoOpportunityCostThebestalternativethatweforgoorgiveupwhenwemakeachoiceoradecisionExFishinginalakeWhas4fishNhas3fishShas23istheopportunitycostoMarginalismTheprocessofanalyzingtheadditionalorincrementalcostsorbenefitsarisingfromachoiceordecisionoEfficientMarketAmarketinwhichprofitopportunitiesareeliminatedalmostinstantaneously2ToUnderstandSociety3ToBeAnInformedCitizenTwoBranchesofEconomicsoMicroeconomicsThebranchofeconomicsthatexaminesthefunctioningofindividualindustriesandthebehaviorofindividualdecisionmakingunitsthatisfirmsandhouseholdsoMacroeconomicsThebranchofeconomicsthatexaminestheeconomicbehaviorofaggregatesincomeemploymentoutputandsoononanationalscaleTheMethodofEconomicsoPositiveEconomicsDealswithunderstandingeconomicbehaviorandoperationsofeconomicsystemswithoutmakingjudgmentsoNormativeEconomicsApproachwhichanalyzeseconomicoutcomesandevaluatesthemasgoodorbadEconomicpoliciesarepartofNE
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