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ECON 130: Lecture #2 (Economic Theory and Models) || with 100% Errorless Answers.
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How does economics fit in as a science? (give examples) correct answers Economics is a hard science and a soft science hard (macro)- calc algebra stats physics soft (mirco)- psychology marketing economic inequality game theory why should you learn economics? (4) correct answers 1. to b...

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  • August 18, 2024
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  • 2024/2025
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ECON 130: Lecture #2 (Economic Theory and Models) ||
with 100% Errorless Answers.
How does economics fit in as a science? (give examples) correct answers Economics is a hard
science and a soft science
hard (macro)-
calc
algebra
stats
physics
soft (mirco)-
psychology
marketing
economic inequality
game theory

why should you learn economics? (4) correct answers 1. to be able to understand and forecast
economic cycles
2. to be able to understand human economic behavior
3. to better operate your company
4. to get a great job

What are the 3 economic fundamental concepts? correct answers opportunity cost, marginalism,
efficient markets

opportunity cost correct answers the best alternative that we forgo or give up when we make a
choice or decision

marginalism correct answers the process of analyzing the additional or incremental costs or
benefits arising from a choice or decision

efficient market (no free lunch) correct answers a market in which profit opportunities are
eliminated almost instantaneously

what are the 3 stats combined in the HDI? correct answers wealth, health and education

what determines the social status of a person in the US and south east asia? correct answers
his/her wealth

what determines the social status of a person in europe correct answers what she/he does

microeconomics correct answers the branch of economics that examines the functioning of
individual industries and the behavior of individual decision-making units (firms and
households)

, macroeconomics correct answers the branch of economics that examines the economic behavior
of aggregates - income, employment, output, and so on - on a national scale

what is a good way to see micro vs macro econ? correct answers micro sees the trees
(individuals, firms), macro sees the forest or economy as a whole (GDP, inflation,
unemployment)

Examples of Micro & Macro Concerns correct answers Micro
-Production
>production in individual industries and businesses (how much steel)
-Prices
>prices of individual goods and services (price of medical care)
-Income
>distribution of income and wealth (wages in the auto industry)
-Employment
>employment by individual businesses and industries (jobs in the steel industry)

Macro
-Production
>national production (total industrial output, GDP)
-Prices
>aggregate price levels (consumer prices, rate of inflation)
-Income
>national income (total wages and salaries)
-Employment
>employment and unemployment in the economy (total. number of jobs)

positive economics correct answers an approach to economics that seeks to understand behavior
and the operation of systems without making judgments (what exists and how it works)

normative economics correct answers an approach to economics that analyzes outcomes of
economic behavior, evaluates them as good or bad, and may prescribe courses of action (policy
economics)

theory

what is the purpose? correct answers a simple representation of how two or more variables
interact with each other (relationships among facts)

to take a complex, real-world issue and simplify it down to its essence

models correct answers a simplified representation of reality that is used to better understand
real-life situations (graphs)

variable correct answers a measure that can change from time to time or from observation to
observation

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