PAM 2000- Midterm Exam Guide - Comprehensive Notes for the exam ( 16 pages long!)

• School: Cornell University
• Department: Policy, Analysis and Management
• Course: PAM 2000
• Professor: Kim

Document Summary

35: what is economics, economics vs. physical sciences i) Resources could be many things including land, labor, and minerals: economics is the study of how people allocate scarce resources, a recent review of economics definitions includes a range of those in principles. As good as it gets in social science. Can be costly to do and no guarantees randomization is perfect studies impossible: difficult to apply results of natural experiments to other cases because it is not always possible to draw clear boundaries the control/test groups. In order to determine the effect a policy would have on the us it would require a b) The study of how individuals and firms ( agents ) make themselves as well off as possible given scarce resources, and the implications of the decisions they make. i) ii) Study of the aggregate economics activity (total employment: macroeconomics: , economics has agreement on basic theory, especially true of microeconomics, market: .