exam 1 study guide - ECO 330 Study Guide Exam 1 Chapters...

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ECO 330 Study Guide – Exam 1 – Chapters 1-6 Positive vs. Normative Analysis Market system and resource allocation o 2 main areas of government involvement: protecting rights and acting in the public interest (involves normative analysis) What is welfare economics? What are indifference curves? How does an individual maximize utility? What is the Edgeworth Box? o Be sure to be familiar with Pareto improvements Be familiar with the different methods we used to discuss public interest: o Utilitarianism o Pareto Criteria o Potential compensation o Cost benefit analysis What is positive analysis? How do we conduct this type of analysis? o What is empirical analysis? What are the main difficulties with empirical analysis of observational data? o
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This note was uploaded on 11/02/2011 for the course ECON 202 taught by Professor Steve during the Spring '11 term at Southern New Hampshire University.

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exam 1 study guide - ECO 330 Study Guide Exam 1 Chapters...

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