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Exam 1 Review

by: Sumeya ali

Exam 1 Review 2202

Sumeya ali

GPA 3.9

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About this Document

We will be going over the three fundamental questions in economics, Opportunity cost, Marginal , benefit/marginal cost, Scarcity and Production possibilities.
Ryan-Guest, Anne-Marie
Study Guide
50 ?




Popular in Macroeconomics

Popular in Macro Economics

This 2 page Study Guide was uploaded by Sumeya ali on Thursday September 15, 2016. The Study Guide belongs to 2202 at Normandale Community College taught by Ryan-Guest, Anne-Marie in Fall 2016. Since its upload, it has received 12 views. For similar materials see Macroeconomics in Macro Economics at Normandale Community College.


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Date Created: 09/15/16
Study guide for exam one chapter’s 1-4 This study guide is meant to be an aid in your preparation for exam I. It is not meant to be a comprehensive list of all testable topics Chapter 1: Introducing the Economic Way of Thinking Limited resources Economics Micro vs. Macro Model mistakes Positive vs. Normative Chapter 2: Production Possibilities, Opportunity Cost and Economic Growth Three fundamental questions Opportunity cost Marginal benefit/marginal cost Scarcity Production possibilities Chapter 3: Market Demand and Supply Demand  Law of demand  Schedule/graph/function  Individual vs. market  Non-price determinants  Change in Quantity demanded vs. change in Demand Supply  Law of supply  Schedule/graph/function  Individual vs. market  Non-price determinants  Change in Quantity supplied vs. change in Supply Equilibrium  Schedule/graph/function  Surplus vs. shortage Chapter 4: Markets in Action Changes in equilibrium with changes in Demand and/or supply Price ceilings vs. price floors Market failures  Lack of competition  Positive vs. negative externalities  Public goods  Income inequality


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