What introductory econ students ought to know

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What introductory econ students ought to know

• Microeconomics
• Macroeconomics

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What introductory econ students ought to know

• Microeconomics
• Study of the decision-making of individual units
• Consumers
• Households
• Firms
• Industries

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What introductory econ students ought to know

• Macroeconomics
• Study of the overall economy

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What introductory econ students ought to know

• Microeconomics
• What price to charge?
• How much output to produce?
• How many workers to hire?

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What introductory econ students ought to know

• Macroeconomics
• Inflation
• Recessions
• Unemployment

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What introductory econ students ought to know

• Fallacy of composition
• What is true for the individual is not
  necessarily good for the group and vice versa
• Are rising gasoline prices good?

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What introductory econ students ought to know

• Models are overly simplistic and not realistic

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What introductory econ students ought to know

• Changes in behavior occur on the margin

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What introductory econ students ought to know

• Positive versus Normative Economics
• Positive economics A statement that can either
  be proven or disproven
• Normative economics A statement of what ought
  to be
• The high temperature today will be 50 degrees
• Its too cold

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