Unformatted text preview: Whole (macro) equals the sum of the parts (micro) but the method of studying each is quite different. Table 1 Manikew “Homoeconomics” = how we believe people will behave 1-4 Incentivized 8-10 (Macro) Principles 1 and 2 -> simple economist view of the world World scarcity Choice Opportunity Unlimited wants (trade off) Costs #2 Opportunity costs of actions- Like physics - for every force there’s and equal and opposite force- Economics. ..- (Make an economic choice)- You give up something (costs); time and or money- Not always obvious - sometimes subtle- No such thing as a free lunch...
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This note was uploaded on 08/30/2010 for the course ECON 151 taught by Professor Harris during the Spring '07 term at University of Delaware.
- Spring '07