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Notes from Review Session

by: Megan Spees

Notes from Review Session ECON 110 - 04

Marketplace > University of Indianapolis > Economcs > ECON 110 - 04 > Notes from Review Session
Megan Spees
GPA 3.54
Timothy E Zimmer

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About this Document

Hi guys! This is the information that Dr. Zimmer went over that was going to be on the examination tomorrow! I hope this and the study guide help! Good Luck Everyone and Happy Studying!
Timothy E Zimmer
Class Notes
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This 2 page Class Notes was uploaded by Megan Spees on Thursday September 24, 2015. The Class Notes belongs to ECON 110 - 04 at University of Indianapolis taught by Timothy E Zimmer in Fall 2015. Since its upload, it has received 18 views. For similar materials see Microeconomics in Economcs at University of Indianapolis.


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Date Created: 09/24/15
Notes from review session Notes from Review Session Chapterf Scarcity A situation in which you have unlimited wants and limited resources and you must attain goals with limited resources Opportunity Cost Most valued alternative that must be given up to engage in an activity Tradeoffs ldea that because there is scarcity in every society producing more of one good or service means producing less of another good or service EconomicAccounting profits the difference between Example Someone gives up a job that pays 100K starts business makes 25K in net profit at the end of the year Economically it was a bad decision because they technically lost 75K that they would have made working the other job but accountants look only at profits not tradeoffopportunity cost Technology in economic terms Increases productivity Marginal Benefit or Revenue Marginal Cost Quiz Question Economists reason that the optimal decision is to continue any activity up to the point where marginal benefit equals the marginal cost Chapter 2 PPF Know what individual points may mean PPF shows max attainable combinations of two products that are possible to produce or are available with resources and amount of technology Know why one is linear and one is not linear increasing opportunity cost Technology what does it do to the PPF Economic Growth Trade question like quiz Notes from review session Chapter 3 Law of demand the rule that holding everything else constant when the price of a product falls the quantity demanded of the product will increase and when the price of a product rises the quantity demanded of the product will decrease Normal vs Inferior good gt Ramen example Normal A good for which the demand increases as income rises and decreases as income falls Inferior A good for which the demand increases as income falls and decreases as income rises Quiz panels 9 Different examplesscenarios about demand and supply movement ShortageSurplus Question gt Quiz Shortage A situation in which the quantity demanded is greater than the quantity suppHed Surplus A situation in which the quantity supplied is greater than the quantity demanded Rent Control Like a government induced cap on market Price ceiling government mandated shortage Price floor government mandated surplus KNOW HOMEWORK AND QUIZZES


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