New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Test #1 Study Guide

by: Hannah DeSanto

Test #1 Study Guide Econ200

Marketplace > University of Arizona > Economcs > Econ200 > Test 1 Study Guide
Hannah DeSanto
GPA 3.6
Basic Economics
S. Reff

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These are all of the essentials. Study these if you don't want to fail.
Basic Economics
S. Reff
Study Guide
50 ?




Popular in Basic Economics

Popular in Economcs

This 1 page Study Guide was uploaded by Hannah DeSanto on Wednesday February 18, 2015. The Study Guide belongs to Econ200 at University of Arizona taught by S. Reff in Fall. Since its upload, it has received 168 views. For similar materials see Basic Economics in Economcs at University of Arizona.


Reviews for Test #1 Study Guide


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 02/18/15
Factors of Production land rent or mortgage labor wages salaiy tips capital interest amp dividends entrepreneurship pro t loss TIME mewwe How to make monev 1 we all do all things for self interest 2 anything you do try to make money at it 3 if you cant make money try to do it for quotfreequot 4 if you cant do it for free try to make sure its tax deductible 5 You must give back to the community 5 Powers of Economic Thinkinq 1 Resources cost more than you think 0 Explicit costs 0 Opportunity costs 2 All decisions are rational 3 All decisions are made at the margin 4 ITDEPENDS 5 People are maximizers 5 Variables that Shift the PP Outwards 1 Increase productive labor force productivity 2 Increase Quantity amp Quality of natural resources 3 Increase Quality amp Quantity of capital stock 4 Increase Health amp Education 5 Increase technology 8 determinants of Demand of consumers Income of normal goods Income of inferior goods Preferences Prices of substitutes Prices of complements P P PP N 7 Expected future prices of consumers 8 Expected future incomes by consumers 5 Determinants of Supply of suppliers costs PAR availability of resources Technology Expected future prices by suppHer P PP N De nitions Economics study of how individuals and societies experiencing virtualy limitless wants choose to allocate their scare resources to satis their wants TR does not equal pro t TRgtTC pro t Marginal additional Margin the weighing of additional costs and bene ts on a speci c change in the current situation penny on the ground Absolute Advantage One entity can produce something either faster or greater than another entity Comparative Advantage One entity can produce something at a lower marginal opportunity production cost than another entity Consumer surplus Willing to pay more but pay equilibrium price Producer surplus Willing to charge less than equilibrium price Elasticity Demand Formula


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.