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?PAGE ? ?PAGE ?1? Microeconomics Notes Test I Econ as a science Social science in which models or theories are used or aides in understanding & predicting behavior Goals Efficient use of limited (scarce) resources Maximum satisfaction of human wants Models predict & explain human behavior, but not perfect Principles of economics Models & Realism ? simplification of real world Only essential relationships are needed to analyze a specific problem Usefulness of a model ? Model I useful if it yields consistent predictions or explanations when real world data is applied Models of Behavior ? Models relate to the way people act using limited resources, not the way they think
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