ECON 1- Final Exam Guide - Comprehensive Notes for the exam ( 47 pages long!)
Document Summary
Chapter 1: economics tools - math and graphing. Microeconomics: deals with questions about behavior of individuals people, firms, markets) Macroeconomics: deals with questions about the behavior of groups of people the entire economy) Phrase of aggregate to describe groups region, state, country, city) Normative economics: answers questions that are usually phrased as. Needs to state goals that you"re trying to achieve. Most economic analysis is positive economic analysis bc - > It requires analysis of a question but no judgment as to what is best for society. Empirical evidence: data, statistics numbers that can be used to support and argument. This is an important part of economics. Econ is a social science that uses mathematical tools. Uses mathematical tools bc of the ideas and theories and models and empirical evidence about people"s economic behavior are expressed mathematically. Learning it is like assembling a series of building blocks.