Ec102-1SPRING10B

Ec102-1SPRING10B - 1-8 Two Types of Economic Statements: o...

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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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Opportunity Cost: 1-4
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Two Main Branches of Economics: Microeconomics Macroeconomics 1-5
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Margins and Incentives: Margins Incentive 1-6
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Examples of Incentives: http://www.conservative.ca/EN/1091/110006 http://www.cibc.com/ca/features/global-finance-award.html? http://news.guelphmercury.com/article/509357 1-7
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Unformatted text preview: 1-8 Two Types of Economic Statements: o Positive Statement o Normative Statement 1-9 Question: What do you get when you put 5 economists in a room? 1-10 Models, Theories and Observations: Model 1-11 Models can be used to either: o Explain o Predict 1-12 Economists are careful to avoid the: Fallacy Of Composition Post Hoc Fallacy 1-13...
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Ec102-1SPRING10B - 1-8 Two Types of Economic Statements: o...

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