Econ study guide 1 - Econ Study Guide for Exam 1, page 1...

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Econ Study Guide for Exam 1, page 1    STUDY GUIDE FOR ECON a. Important Terms b. History of Economic Thought - Radical Theory - Neoclassical Theory c. Conservative, Liberal and Radical Statements d. Economic Issues e. Current Event Analysis a. Important Terms 1. Theory  Set of explanations used to describe some aspect of society 2. Epistemology The theory of knowledge or theories / thinking about thinking  3. Essentialist Epistemology and Nonessentialist Epistemology Essentialist   theory = truth = reflection of reality (US) Non-essentialist   alternative theories, no absolute truth, different consequences 4. Components of Theory    A ll  M ath  C lasses  D P roblems a. Making  A ssumptions Statements accepted as true without the need for proof b. Building a  M odel Physical, descriptive, mathematical or graphical representations of assumptions c. Drawing  C onclusions Answer the initial questions (What? How? for Whom?) - Checking Conclusions Against Pre-Selected  D ata  (Including perspectives on Essentialists vs. Non-Essentialists) d. Enacting  P olicy Community (government) or individual responses to the conclusions  5. Economics  The study of the consumption, production and distribution of goods and services 6. Economic Theory Set of explanations used to describe the consumption, production and distribution of  goods  and services 1. WHAT to produce? (consumption or optimal mix question)
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Econ Study Guide for Exam 1, page 2 Problem of scarcity restricts our ability to produce everything we want during  a period of time so the choice of producing more of one good requires producing less of another 2. HOW to produce? (production question) How to mix technology and scarce resources in order to produce these goods 3. for WHOM to produce? (distribution question) Among all those desiring the product we need to see who actually gets it.  7. Macro vs. Micro economic theory Macroeconomics   the whole economy Examines: inflation, unemployment, growth of the economy… Microeconomics   Study of individual markets 8. Economic system Private ownership over the means of production (land, labor and capital) Synonyms of our system   free market, capitalism, free enterprise, market economy 9. Capitalism/Free Market/Free enterprise system Capitalism is an economic system in which the means of production are all or mostly  privately owned and operated for profit. A free market describes a theoretical, idealized market where the prices of goods 
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This note was uploaded on 04/02/2008 for the course ECON 200 taught by Professor Cramer during the Fall '07 term at University of Arizona- Tucson.

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Econ study guide 1 - Econ Study Guide for Exam 1, page 1...

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