PRINCIPLES OF MICROECONOMICS Study Guide for Chapter One August 22, 2011 Definitions: Be able to recognize the definition of terms on page 21 that were identified in lecture. Illustrations: No Illustrations for Chapter One Math: No Math for Chapter One Questions from Lecture 1. List the contributions Alfred Marshall made to the study of microeconomics. 2. What is the “Marshallian Method”? 3. Define “economics.” 4. Explain the difference between micro and macroeconomics. 5. List the four basic questions every society must answer. 6. What is the fundamental economic problem? 7. Define. .. a. deduction b. induction c. abduction 8. Explain the difference between marginal and sunk cost? 9. Explain the “Economic Decision Rule.” 10. Utilizing cost-benefit analysis, examine your decision to attend SUU. 11. Utilizing cost-benefit analysis, examine your decision to attend class each day. 12.
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This note was uploaded on 09/21/2011 for the course ECON 33974 taught by Professor Barbaraross during the Spring '09 term at Hawaii.