Microeconmics - Chapter 1

Chapter 1

-Economics

-Rational behavior

-4 questions ask by economist

-Scarcity

-Opportunity cost

-Marginal decision-making

-Sunk cost

-Incentives

-Efficiency

-Correlation

-Causation

-Correlation without causation

-Omitted variables

-Reverse causation

-Model

-Circular flow model

-Positive statement

-Normative statement