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MAE101 Topic 1 - Economic Principles
Descripción
(Topic 1) MAE101 - ECONOMIC PRINCIPLES Mapa Mental sobre MAE101 Topic 1 - Economic Principles, creado por Doug Ithier el 08/11/2016.
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mae101 - economic principles
topic 1
Mapa Mental por
Doug Ithier
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Creado por
Doug Ithier
hace alrededor de 8 años
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Resumen del Recurso
MAE101 Topic 1 - Economic Principles
Economics is a science:
Theory - tries to explain events in the real world.
Data - does the data confirm/reject the testable propositions
a social science
Economics is the study of how we make choices.
We collect data based on peoples actual decisions or behavior.
the study of how society allocates scarce resources.
Positive vs Normative Statements
Positive - statements based on fact or something that can be proven
Normative - statements based on opinions
Allocation Methods
Price - good allocated willing and able to pay
ie. cars, house
First-in Best-Dressed - arrives first/sooner, even if later-arriving individual willing and able to pay more for it
ie. parking spaces
Set Aside/Qualification (equity) - individual who meets certain pre-determined criteria
ie. University, Handicapped parking
Lottery - winner(s) of the lottery
World Cup soccer tickets
Markets
a place where buyers and sellers meet
Types
Stocks/Bonds
Commodities/Currencies
Housing
Loans
Labour
Education
Economic Models
Objective, Constraint, Maximize, Environment
RULE of 2
Compare
Environment
Indivdual
Analysis - 2 competing forces
ie. demand and supply
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