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Study Guide for test 1 of economics

by: Jonathan Notetaker

Study Guide for test 1 of economics Econ 101-01

Marketplace > Spring Hill College > Economics > Econ 101-01 > Study Guide for test 1 of economics
Jonathan Notetaker

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About this Document

These cover the overall summary of the first 4 chapters
Dr. Larriviere
Study Guide
Economics, Macroeconomics
50 ?




Popular in Macroeconomics

Popular in Economics

This 2 page Study Guide was uploaded by Jonathan Notetaker on Sunday September 18, 2016. The Study Guide belongs to Econ 101-01 at Spring Hill College taught by Dr. Larriviere in Fall 2016. Since its upload, it has received 10 views. For similar materials see Macroeconomics in Economics at Spring Hill College.


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Date Created: 09/18/16
First Exam Study Guide- Economics -Economics - how society chooses to allocate scares sources to satisfy seemingly unlimited wants - it’s a social science Key Ideas - People are rational - Decisions made on margin - People respond to incentives Model is an abstraction of reality Questions for society - What to produce? - How to produce? - Who gets the output? PPF- product possibilities frontier- graphs possible combinations of two good in a market Opportunity Cost- what you must “pay” in order to have or perform a good/service GDP- gross domestic product - Sometimes measures a country’s well being Comparative Advantage - Ability to produce a service at a lower opportunity cost Division of Labor- causes country growth - Increase in output- increase in income Revenue- price x quantity Cost- average total cost x quantity Profit- revenue – cost Law of Demand- there is an inverse relationship between price and quantity demanded Demand line shifted by -income, price of related good - price of related goods - tastes - population - demographics - expected future price Supply - Law- direct relationship between goods and quantity - Things that shift supply line o Price of inputs o Technological change o Price of related goods o Number of firms o Expected future prices Surplus - Price is higher than equilibrium Shortage - Price is lower equilibrium Price Floor- legal minimum price Price Ceiling- legal maximum price


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