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This 1 page Class Notes was uploaded by paigeehack on Tuesday September 8, 2015. The Class Notes belongs to ECON 106 001 at Pace University taught by Eugenie Bietry in Summer 2015. Since its upload, it has received 45 views. For similar materials see Principles of Economics: Microeconomics in Economcs at Pace University.
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Date Created: 09/08/15
Macro Review Week 1 Economics a social science concerned with making optimal choices under conditions of scarcity Wants to succeed capacity Thinking like an economist 1 Scarcity amp choice 2 Purposeful behavior 3 Marginal analysis Macroeconomics Filled with generalizations Normative ought to be Positive deals with facts Scarcity and Choice Resources are scarce Choices must be made Opportunity cost Purposeful Behavior Individuals amp utility Firms amp pro t Desired outcomes Marginal Analysis Marginal Bene t Theories Principles and Models The Scienti c Method observe hypothesis test accept reject or modify hypothesis test again if necessary 0 Can test all cost so marginal bene t marginal cost
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