Econ 103 Exam 1 Study Guide with Complete Solutions!!

Econ 103 Exam 1 Study Guide with Complete Solutioeconomics - ANSWER-A way of looking at human actions, choices, decisions, and how they connect. The Wealth Of Nations - ANSWER-Written in 1776 by Adam Smith(founder of modern economics) Economics is a - ANSWER-science difficult to make predictions a search for understanding normative statements - ANSWER-opinion, expression of opinions not right or wrong positive analysis - ANSWER-pertaining to verifiable reality/facts/not opinions econonomis has what kind of statments? - ANSWER-positive! ceteris paribus - ANSWER-all things equal, all else unchanged what are the logical fallacies for economics? - ANSWER-ad hominem, post hoc, naturalistic, composition, fallacy of statistical aggregation ad hominem - ANSWER-by the man, committed when merits of an argument are determined by the identity of the person making the argument rather than the logic of the argument itself post hoc - ANSWER-first this, then that. committed when someone concludes that an event B that follows event A was caused by event A naturalistic fallacy - ANSWER-David Hume; it is illegitmate to infer and ought from an is. wrong to assume what is ought to be (ex slavery) composition - ANSWER-committed when someone concludes what is true for the indivvidual is necessarily true for the group fallacy of statistical aggregation - ANSWER-committed when someone concludes what happens to a statistical averages necessarily happens to individuals in the group ns!!