True or False

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True or False?

• An economist is defined as one who studies
  economic issues and problems?

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Answer

• False!

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What is a theory?

• ...the trouble about arguments is, they ain't
  nothing but theories, after all, and theories
  don't prove nothing, they only give you a place
  to rest on, a spell, when you are tuckered out
  butting around and around trying to find out
  something there ain't no way to find
  out...There's another trouble about theories
  there's always a hole in them somewheres, sure,
  if you look close enough.- Tom Sawyer Abroad

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What is a theory?
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(No Transcript)
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What is equilibrium?
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What is a marginal change?
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What is opportunity cost?
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Rational Behavior means Incentives Matter
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More on rational behavior
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What is efficiency?
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More efficiency
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Equity means Fairness