Econ 1201 Midterm Study Guide
Econ 1201 Midterm Study Guide Econ 1201
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This 2 page Study Guide was uploaded by Hannah Nguyen on Tuesday March 1, 2016. The Study Guide belongs to Econ 1201 at University of Connecticut taught by David Greenberg in Spring 2016. Since its upload, it has received 79 views. For similar materials see Microeconomics in Economcs at University of Connecticut.
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Date Created: 03/01/16
ECON 1201 – Spring 2016 – Midterm Review Sheet Key Concepts Chapter 1 Three key Economic Ideas Economic Problem of Society Economic Models Marginal vs. Average vs. Total All Important Economic Terms listed in Chapter Chapter 2 Opportunity Cost – Tradeoffs Comparative Advantage vs. Absolute Advantage Specialization based on ____ Circular Flow Model – Market System Chapter 3 SUPPLY AND DEMAND!!!!!!!!! Demand Schedule vs. Curve/ Supply Schedule vs. Curve Law of Demand/Law of Supply Factors that Shift Demand/Factors that Shift Supply Market Equilibrium Effect of Supply and Demand Shifts on Market Equilibrium Chapter 4 Consumer Surplus/Producer Surplus (Conceptually and calculation based understanding) Price floors/Price ceilings Chapter 6 Price Elasticity of Demand, Price Elasticity of Supply Income Elasticity of Demand, Cross Price Elasticity of Demand Chapter 10 Utility – Diminishing marginal utility – network externalities
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