ECON 102 1st Mid Term Review Notes

ECON 102 1st Mid Term Review Notes - ECON 102 1st Mid Term...

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ECON 102 1 st Mid Term Review Notes 1. Is economics a science? What does that mean? Would you call it a “social science”? a. Economics not an actual science because you can’t control every variable and have a real experiment. Your experiments will be simulated and you will use a model to predict what will happen instead of actually being able to sit down and perform a real experiment. It is more of a social science because it is based on the way people act. 2. What are the key elements in assuming that people are “rational” in the marketplace? a. They prefer more to less b. They order their preferences i. House ii. Car iii. Clothes iv. Apple v. Transitive ordering 1. If A is preferred to B and B is preferred to C then A is preferred to C c. They try to maximize 3. The factors of production are land, labor and capital. What are the definitions of these three factors? a. Land i. Any natural resource provided by nature; includes resources that are gifts of nature available for use in the production process
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This note was uploaded on 05/14/2008 for the course ECON 102 taught by Professor Rawlins during the Spring '08 term at Washington State University .

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ECON 102 1st Mid Term Review Notes - ECON 102 1st Mid Term...

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