ECO2106- Unit 1 Bonus w Chart

ECO2106- Unit 1 Bonus w Chart - Chapter 1 1.1 1. What...

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Chapter 1 1.1 1. What products do we produce? 2. How do we produce the products? 3. Who consumes the products? 1.2 5 factors of production: Natural Resources, Labor, Physical Capital, Human Capital, Entrepreneurship 1.3 a. 1.4 a. Normative b. Positive c. Normative d. Normative e. Positive 2.1 b. 2.2 Some recent work by economists on the sources of growth suggests that institutions such as the legal system and the regulatory environment play key roles in economic growth. 3.1 A road map incorporates two unrealistic assumptions: (1) the earth is flat, and (2) the roads are flat. 3.2 The 4 elements of the economic way of thinking are: (1) use Assumptions to simplify the analysis; (2) explore the relationship between 2 variables by isolating variables ; (3) think at the Margin ; and (4) rational people respond to Incentives . 3.3 Latin expression meaning other things being held fixed : b. ceteris paribus 3.4
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This note was uploaded on 03/26/2012 for the course ECON 2106 taught by Professor Chriscain during the Spring '08 term at Augusta University.

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ECO2106- Unit 1 Bonus w Chart - Chapter 1 1.1 1. What...

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