01:220:102 Study Guide - Comprehensive Final Guide: Determinant, Coffee Bean, Solyndra

• School: Rutgers University
• Department: Economic
• Course: 01:220:102
• Professor: Elgawly

Document Summary

Economics (okionomia in greek) = household management/management of affairs. Economics = science concerned with aspects of social behaviors and institutions involved in using the scarce resources to produce and distribute goods/services to satisfy human wants. Formulating a cause and effect or a: hypothesis, hypothesis, test the hypothesis (empirically) Continue to test the hypothesis against the facts. If testing continues to confirm the facts it becomes: a theory . A widely accepted theory becomes an: economic principle . Economic principle a statement about economic behavior or the economy that enables prediction of the probable effects of certain actions. Microeconomics the part of economics concerned with decision making by individual consumers, workers, households and business firms. Macroeconomics examines the economy as a whole. or its basic sub-divisions or aggregates, such as government, household, and business sectors. household, and business sectors. Positive economics the study of economics based on objective analysis. Focuses on facts and cause and effect relationships.