[ECO 2023] - Final Exam Guide - Everything you need to know! (29 pages long)
29 Nov 2016
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Models are commonly used in economics because they allow complex ideas and situations to be simplified. When using models, we will also be using math as a tool to create and explain them. Microeconomics (small): the study of individual firms, consumers, and markets. Macroeconomics (big): the study of the aggregate (overall) economy. Premature babies, smog in china, tuna, and food crisis in venezuela. These videos show different problems around the world that can be solved through economics. In class, we will not only look at models, but real world situations and how they can be resolved. We will also look at real peoples" lives and how they are affected by economics. Tradition an economy based on the past. One example would be the caste system in. This is not a huge factor in the us economy. Command government planners determine the answers and then create plans for producers. Capitalism this economy is characterized by markets, prices, and property rights.
