101Solutions_1_1_

101Solutions_1_1_ - Economics 101 Solutions to Study...

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Economics 101 Solutions to Study Questions These Solutions to Study Questions have been reproduced for the exclusive use of the students registered in Economics 101 with Eva Lau at the University of Waterloo. These materials may not be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, either in whole or in part, without first obtaining written permission of the above professor.
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Solutions to Study Questions #1 - Scarcity and Choice 2 Economics 101 - Solutions to Study Questions #1 E. Lau PART A - Short Answer 1. An economic topic usually includes discussion on various aspects of scarcity (may include the scarcity of money, time, energy . . . or other intangible resources) in relation to (unlimited) human wants. 2. Positive economics: an approach to economics which establishes cause and effect relationships among economic variables; formulates hypotheses that can be checked against facts. Normative economics: an approach to economics which is based on value judgements about desirability and desirable outcomes. Positive economics involves statements of cause and effect; how things are.
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101Solutions_1_1_ - Economics 101 Solutions to Study...

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