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Comprehensive Study Guide Economics 101 Section A Definitions: Economics Cultural Mandate Skepticism Apriorism Relativism Christian apriorism Empiricism Praxeology Human action Ends Means Ideas Rational/rationalit y Ex ante Ex post Scarcity Positive economics Economize Subjective value Economic good Consumer goods Producer goods Land Labor Capital goods Structure of production Utility Marginal unit Marginal utility Normative economics Law of marginal utility Labor theory of value Discipline of repeated dealings Ownership Protectionism Paternalism Autarky Private property Doux Commerce Thesis Tragedy of the Commons Voluntary exchange Involuntary exchange Absolute advantage Comparative advantage
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Study Questions: 1. What does the cultural mandate require? How is it related to economics? 2. What does the Bible tell us about the created order that is relevant for our ability to engage in science in general? 3. What does the Bible tell us about the nature of man that is relevant for our ability to discover economic laws? 4. What does the definition of action imply regarding the kind of creature that acts? 5. What is the proper method of economics? 6. Why are ends and ideas not enough to generate action? 7. What is the difference between our environment (general conditions) and means used for action? 8. List as many implications of the fact that humans live in a world of scarcity as you can. 9. If means are scarce, what must we do with our means as we act? 10. Is the future “uncertain” or is it “risky” and what is the difference? 11. What does the Bible have to say about whether we value goods subjectively? 12. What is the difference between an ordinal ranking and a cardinal ranking? Which do humans use to rank their ends?
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13. When doctors in the seventeenth and eighteenth centuries used to treat patients by bloodletting, was this an example of human action? 14. Suppose a man is playing a cello on the sidewalk, and that his only purpose is to listen to one of Bach’s solo cello suites. Is his cello a consumer good or producer good? What if tourists begin giving the man loose change, so that he now views the cello as a way to reap income? 15. Suppose someone says, “I like Federer more than Djokovic, and I like Djokovic more than Nadal, but my preference for Federer over Djokovic is definitely stronger than my preference for Djokovic over Nadal.” Is this a legitimate economic statement? What if he said, “I like Federer twice as much as I like Djokovic?” 16. Suppose one person uses a 12 ounce can of root beer to drink and another uses a root beer to make a root beer float. For whom is the root beer a producer good and for whom is it a consumer good? 17. What three implications stem from our analysis of the production structure?
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