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Economics Midterm Notes

by: Maddie Evans

Economics Midterm Notes Econ 201

Marketplace > University of Oregon > Economcs > Econ 201 > Economics Midterm Notes
Maddie Evans
GPA 3.6

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Hey everyone! Here are my notes for the MicroEcon midterm. It includes the basic information and definitions for the test. Good luck!
Introduction to Microeconomics
Study Guide
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This 2 page Study Guide was uploaded by Maddie Evans on Wednesday January 13, 2016. The Study Guide belongs to Econ 201 at University of Oregon taught by Waddell in Winter 2016. Since its upload, it has received 48 views. For similar materials see Introduction to Microeconomics in Economcs at University of Oregon.


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Date Created: 01/13/16
Economics 201: Microeconomics Exam 1 Study Guide  Economics is the study of how people coordinate their wants o The study of how scarce resources, each having alternative uses, are allocated amongst competing ends o Seeks to explain events that take place by observation, hypothesis, prediction, experimentation, and conclusion  Most social sciences include human behavior, such as economics, psychology, sociology  Positive statements are those that can be deemed true or false  Normative statements are those of opinion; what should or ought to be  No single individual controls the economy, but is up to the majority and entire population to influence it  Five dimensions of economic learning: o Economic reasoning  Provides a framework for answers to be formulated or answered o Economic terminology  Understanding and recognizing marginal cost, oligopoly, price controls, etc. o Economic insights  Generalizations about the workings of an abstract economy o Economic institutions  Physical or mental structure that influences economic decisions o Economic policy  An action taken to influence the incentives associated with particular behaviors  Microeconomics concentrates on building a base of knowledge to construct sound arguments for or against economic policies and observations  Socialism is the economic system based on individual good will toward others; not own self interest o Society deciding what and for who to produce  Feudalism is a system where traditions rule  Mercantilism is a system where the government determines all decisions by doling out rights to undertake certain economic decisions  Capitalism is an economic system based on private property and market where individuals decision what to produce  Impossible to change only one price at a time  A price is a ratio at which two goods can be exchanged in a market  Theory is an explanation for some phenomenon based on observations, experimentation, and reasoning  Theories are capable of being tested through experimentation or otherwise falsified through empirical observation  Regulations are designed to alter the behaviors of individuals  Opportunity cost of any decision is the value of the next-best alternative forgone 


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