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This 2 page Class Notes was uploaded by Jeremie Rath on Saturday September 19, 2015. The Class Notes belongs to ECON151 at University of Delaware taught by Staff in Fall. Since its upload, it has received 43 views. For similar materials see /class/207184/econ151-university-of-delaware in Economcs at University of Delaware.
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Date Created: 09/19/15
Review Concepts and Definitions Econ 151 Sec 18 and 19 The Nature and Method ofEconomics economy economics scarcity choice factors of production specialization exchange The Economizing Problem free vs economic goods theory models principles laws positive economics normative economics why do economists disagree economic goals Can you manipulate a PPC Can you make decisions that incorporate opportunity cost marginal analysis explicit costs implicit costs full employment full production Pure Capitalism and the Market System markets freedom private property democracy growth opportunity cost sunk xed costs productive efficiency allocative efficiency PPF or PPC role of govt comparative advantage medium of exchange functions of markets invisible hand Understanding Individual Markets Demand and Supply This whole chapter should be known backwards and forwards demand effective demand law of demand relative prices demand schedule demand curve determinants of demand quantity demanded vs demand supply law of supply supply schedule supply curve quantity supplied vs supply determinants of supply equilibrium shortage excess quantity demanded surplus excess quantity supplied normal goo s inferior goods substitutes complements Minimum Wages and Rent Controls price floors and price ceilings price oor price ceiling binding Elasticities calculating a percentage elasticity price elasticity of demand cross price elasticity of demand price elasticity of supply income elasticity of demand elastic T axes consumer burden supplier burden regressive rationing function allocative function inelastic unitary elastic perfectly elastic perfectly inelastic elasticity and total revenue arc price elasticity point price elasticity proportional pro gres s ive ef ciency loss