FMSC 290 Study Guide - Midterm Guide: Invisible Hand, Nuclear Family, Public Good

• School: University of Maryland
• Department: Family Science
• Course: FMSC 290
• Professor: Manouchehr (Mitch) Mokhtari

Document Summary

Economics: how society manages its scarce resources, how people make decisions. 2: sexual orientation: refers to the gender one is sexually or romantically attracted to. 3: compare cost with benefits of alternative, opportunity cost, whatever must be given up to obtain an item. Reading week 2: the economist as a scientist, they are similar, the scientific method: the dispassionate development and testing of theories about how the world works. 6: promote efficiency, avoid market failure, promote equality, avoid disparities in economic wellbeing, externality. 7: decision makers, firms and households, markets, for goods and services, for factors of production (inputs, production possibilities frontier, a graph, combinations of output that the economy can possibly produce, given the available, factors of production, production technology. Incremental cost: the first hour of studying, grade goes from 20-30, second hour of studying, grade goes from 30-35 and so forth, efficient levels.