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Microeconomics: Foundations and Models – Chapter 1 Study Notes

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Introduction to Economics

People Are Rational

People Respond to Incentives

Marginal Analysis

Scarcity and Choice

Positive and Normative Analysis

Microeconomics vs. Macroeconomics

Graphing Review

Percentage and Decimal Review

Fractions Review

Graphs of Two Variables

Relationships between Variables

Interpreting Graphs, Correlation, Causation, and Omitted Variables

Slope of Linear Graphs

Slope of a Curve at a Point