ARE 1150 Lecture Notes - Lecture 3: Managed Care
7 Sep 2016
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Homework for monday: read the first three sections of chapter 2 and bring iclicker. Hw1 is due on wednesday september 14th: agriculture and resources economics #3. Positive analysis is concerned with what is. Normative analysis is concerned with what ought to be. Key words are ought, should, good or bad. (ie) george bush was a good president. Economics is about positive analysis which measures cost vs benefits. Because economics measures the studies of individuals, it"s also a social science. Micro is the study of how households and firms make choices and how they interact in markets and how the gov effects their choices. Macro is the study of the economy as a whole including inflation, unemployment and economic growth. When there are three variables, there are two lines on the graph which helps compare the values of multiple outcomes and results. Omitted variable is the variable that has some fault, or lacking information, or does not relate.
