01:220:103 Study Guide - Midterm Guide: Robinson Crusoe Island, Ceteris Paribus, Melatonin Receptor 1A
18 Dec 2019
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(brief) review sheet econ103 (intro to macroeconomics) . Ch 1 the scope and methods of economics. Microeconomics (individual decision-making by a household/consumer or a firm/producer) Macroeconomics (the economy as a whole/the big picture/ the aggregate view of the. Economy; unemployment, inflation, economic growth, government taxes and spending, The method of economics : positive economics versus normative economics. Economic models, testing theories, empirical economics ( ockham"s razor ) Four criteria in judging economic outcomes: efficiency, equity, economic growth, and. Ch 2 the economic problem: scarcity and choice. Three key (basic) questions of any society (or economic system): 2. how to produce? (how is it produced?) (production process and choice of techniques) 3. for whom to produce? (who gets what is produced?) (distribution of output) Resources are limited (scarce) but human wants are unlimited. Economics study choices in a world of scarce resources. Three factors of production (inputs or resources): labor, capital, and land.
