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Date Created: 08/31/14
Chapter 1 Economics Foundations amp Models All individuals and societies face Because we live in a world of scarcity when we choose something we must give something else up That is called One important part of economics is the analysis of incentives which are factors that motivate people to make a particular choice Public Policy may rely on incentives to change people39s behavior and it may lead to unintended consequences if it inadvertently changes incentives Incentives also play a role in various Economists an other scientists make unrealistic assumptions when they build models to simplify our complicated world enough that they can understand and analyze problems and accurately answer questions For Example After speeding cameras were installed on I380 the average speed of motorists decreased For example The government should install additional speeding cameras on I 380 The focus in macroeconomics is Positive Statements
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