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Study Guide

[ECO 108] - Midterm Exam Guide - Everything you need to know! (18 pages long)


Department
Economics
Course Code
ECO 108
Professor
Rizzo
Study Guide
Midterm

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U of R
ECO 108
MIDTERM EXAM
STUDY GUIDE

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1. Eco 101 – Lecture 1
8/31/16
Rizzo drops penny… is it free?
1. 1.6 cents per penny, 60% profit
Economics is not about money, you can have economy without money
People respond to incentives
2. Incentives are everywhere
3. Profit opportunities motivate effort
4. Profit- A favorable circumstance or condition
1. A gain towards a person’s benefit or good
Economists think about how does you grabbing apple affect everyone else
Connecting individual incentives to larger social outcomes
People’s incentive taking behavior affects everyone else
What else might happen? What’s next?
People respond to incentives not just in economics
5. Human behavior study, not too much economics
6. Economics uses different tools to think about human behavior
Increase monetary incentive, people will want it more
Directly asking for sex during experiment
7. A: How likely would you be successful? 20%(?) Just asking for sex
8. B: Go to spouse, ask for sex and add $62 LOL
9. Everyone wanted A instead of B… Undid laws of math
10. People want $62 but everyone wanted A
11. I’m so valueless that you have to PAY me to have sex with you?
12. Well if you pay her ENOUGH
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The snitch of Deutche bank got 8.25 million from SEC for snitching about
overstating profits
13. The guy didn’t take the money, he did it for moral goods
14. Even 8 million might not be enough
Money’s on the table, it’s up to you to do what you want to do
We’re studying human interactions, exchange (market actions)
Market economics, not making us market economists
You’re not solving world hunger without jibits…? Next lecture
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