EC102-1SPRING09B - Answer: 1-8 Models, Theories and...

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Chapter One What is Economics? 1-1
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Economic Resources: 1-2
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Key idea: 1-3
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Two Main Branches of Economics: o Microeconomics o Macroeconomics 1-4
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Choices, Trade-Offs  Opportunity Cost o The best alternative forgone 1-5
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Margins and Incentives o Margins o Incentives 1-6
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Two Types of Economic Statements o Positive Statement o Normative Statement 1-7
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Question: What do you get when you put 5 economists in a room?
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Unformatted text preview: Answer: 1-8 Models, Theories and Observations o Model o Can be used to either: 1-9 Economists are careful to avoid: o Fallacy Of Composition “What is true of the parts is true of the whole” o Post Hoc Fallacy “A occurs before B, so A causes B” 1-10...
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This note was uploaded on 02/11/2010 for the course ART AFM101 taught by Professor Mr.lushman during the Spring '10 term at University of Toronto.

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EC102-1SPRING09B - Answer: 1-8 Models, Theories and...

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