Midterm 1 Review

Midterm 1 Review - 2/25/2008 Midterm 1 Review Chapter 1 (7...

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5/12/2009 Midterm 1 Review Chapter 1 (7 questions) o Utility-self satisfaction o What is economics- the administration of scarce resources To satisfy unlimited wants Scarcity Difference between scarcity and shortage o P.6 micro vs. macro Greek for ‘small’ and ‘big’ Microeconomics- the study of individual units in the economy Cost, margin, profit (elaboration in the essay) Macroeconomics- study the economy as a whole Employment, inflation, money, interest, currency (elaboration in the essay) o Limited resources and unlimited wants o Positive and normative economics Normative- valued judgment No statistical info. Positive- associated with statistical info. Percentage, figures (elaboration on essay) o P. 10 scarce resources Resources- labor, capital, land, entrepreneurial Entrepreneurial- innovation, profit, new idea o P.11 law of demand and supply o P.12 Production possibilities curve Attainable and unattainable according to the graph Chapter 2 (6 questions) o Economic system Market system Private property Command economy- in the hand of the gov. and they decided
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Midterm 1 Review - 2/25/2008 Midterm 1 Review Chapter 1 (7...

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