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Unformatted text preview: Eg. Consumer confidence index. I. Cost-benefit analysis a. Measurement of the cost vs. the benefit of a given action. b. The economist's approach to making decisions. c. Has many problems i. Result will be wrong if you forget to take even one thing into account. ii. Also has a problem with quantifying some things, such as value of human life. I. Marginal analysis a. Making decisions based on the incremental or additional costs and benefits resulting from persuing an activity to a slightly greater extent i. Eg. How many cookies to eat? ii. Eg. How many jars of peanut butter to produce? I. An unemployed person is a. Age 16 or over without an upper age limit b. Has no ob-working 1 hr. or more is employed. c. If available for work, not a full time student, not in an institution. d. Is looking for work, and not retired. I. Labor force - employed + unemployed. Much of the population is not in the labor force...
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This note was uploaded on 02/12/2009 for the course ECON 100 taught by Professor Hayworth during the Winter '08 term at Eastern Michigan University.
- Winter '08