Slide 1 Slide 2 Chapter One The Market Slide 3 The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather…

Slide 11 The Market Molly W. Dahl Georgetown University Econ 101 – Spring 2009 Slide 2 2 Economic Modeling Construct a model Choose simplifications Solve the model Come…

1. Chapter One The Market 2. The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine,…

Slide 1 Slide 2 Chapter 1 The Market Slide 3 2 Economic Models Economic models are developed for a simplified representation of reality. An economic model eliminates irrelevant…

Chapter One The Market The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an…

Chapter One The Market The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an…

Chapter One The Market Economic Modeling What causes what in economic systems? At what level of detail shall we model an economic phenomenon? Which variables are determined…