Menu_26_Jan_11

Menu_26_Jan_11 - TODAYS MENU: Wednesday 26 January 2011 I....

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TODAY’S MENU: Wednesday 26 January 2011 I. BUSINESS A. Practice Problems (answers on Moodle) 1. Chapter 2: 1, 2, 4-8, 10 II. SUBSTANCE A. Positive vs. normative economics -Can makes distinction is almost any science, when talking about anything positive it means that it is testable—how the world works. Describing how the world is structure. Normative economics cannot be tested; they are reflecting values, opinions, they are what they are. A lot about arguments —normative cannot be reflected, valuated statements. THE FACT OF THE MATTER IS= NORMATIVE B. Note on graphing: Appendix to Chapter 2 -Graph is just a picture of relationship. Pictorial language, relationship between two things. Anything you can draw in a graph you can make into an equation. Won’t have to calculate slope, but have to know what it means C. Opportunity Cost Application: International Trade 1. Questions to Answer a. If “workers in the United States are the most productive in the world,” why do we consume so many imported goods? -something else is driving it to be more productive
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This note was uploaded on 02/14/2012 for the course ECON 2030 taught by Professor Bong during the Fall '07 term at LSU.

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Menu_26_Jan_11 - TODAYS MENU: Wednesday 26 January 2011 I....

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