[ECO 108] - Midterm Exam Guide - Everything you need to know! (18 pages long)
Document Summary
Study guide: eco 101 lecture 1. Rizzo drops penny is it free: 1. 6 cents per penny, 60% profit. Economics is not about money, you can have economy without money. People respond to incentives: incentives are everywhere, profit opportunities motivate effort, profit- a favorable circumstance or condition, a gain towards a person"s benefit or good. Economists think about how does you grabbing apple affect everyone else. People respond to incentives not just in economics: human behavior study, not too much economics, economics uses different tools to think about human behavior. Increase monetary incentive, people will want it more. Just asking for sex: b: go to spouse, ask for sex and add lol, everyone wanted a instead of b undid laws of math. I"m so valueless that you have to pay me to have sex with you: well if you pay her enough. The snitch of deutche bank got 8. 25 million from sec for snitching about overstating profits.
