Textbook Notes (363,689)
Canada (158,529)
Economics (293)
ECON 103 (100)
Chapter 1

Econ 103 Chapter 1 notes.doc

1 Page
Unlock Document

ECON 103
Iryna Dudnyk

Econ 103 Chapter 1 notes -Economics = a particular way of thinking about behaviour -Economic thinking is constrained by a number of explicit assumptions, known now as economic principles -When you put these principles together, they form a basic economic model. -Everyone uses "models" to function in life. -Often graphs for economists -Models should have these characteristics: -Formal -Honest assumptions, so that we have a better idea about where our model needs fixing when it fails to explain some behaviour -May make unrealistic assumptions, but that can lead to true conclusions (in this book most assumptions are true) -Explicit assumptions -Testable -A model that is capable of being shown wrong -Useful -Simple -Other things being equal, a model should be simple and easy to use. -Consistent with the general facts of the world -Economics use the scientific method, as well as faith. -Seven principles: -Maxi
More Less

Related notes for ECON 103

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.