exam 1 study guide

exam 1 study guide - Complements Substitutes “Four Simple...

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Chapter 1 Scarcity Principle Cost-benefit principle Economic surplus Marginal Benefit/Cost Average Benefit/Cost Opportunity Cost Avoiding Pitfalls 1-4 Macro vs. Micro Normative vs. Positive Chapter 2 Production Possibility Frontier Chapter 3 Command vs. Free market Demand Supply Income effect Substitution effect Reservation price Market equilibrium Price controls (ceilings/floors) Shortage Surplus Shift in Supply Curve Movement along supply curve Shift in Demand Curve Movement along Demand curve Change in Supply vs. quantity supplied Change in Demand vs. quantity demanded
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Unformatted text preview: Complements Substitutes “Four Simple Rules” Chapter 4 ** Pg. 106 has definitions Macroeconomic Policies Living Standards Economic Growth Average labor productivity Productivity Recessions and Expansions Unemployment Inflation Monetary, Fiscal, Structural policy Chapter 5 GDP (understanding & measuring) Final goods and services Value added Expenditure method C (understand & calculate) I (understand & calculate) G (understand & calculate) NX (understand & calculate) Nominal vs. real Criticisms of GDP Unemployment rate (measuring)...
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