ECON 104C (D5,D6,D7) FIRST MIDTERM REVIEW SHEET.Possible sources for exam questions: All lectures up to but not including Monday Oct 2. Ch 1,2,3 and 5 in the Schiller Book. If you feel comfortable with every point on this sheet you will do fine on the exam. I may add a little to it in the sections on Fri. after I see the exam (Hint if I discuss something on Friday not on this sheet you need to know it!) BACKGROUND (Ch 1, 2 )-What is the study of economics?-What is scarcity?-Know the 3 Basic Questions What to produce? How to produce?For whom to produce? -And be able to describe what each one means.-Production Possibility Frontier: Chart showing the trade off between goodsGraph: shape of the curve and why it is shaped this way.-points inside, outside and on the curve. Are they efficient? Are they obtainable? Are they realistic? -What could make the curve shift out? Shift in? -Make sure you can answer “Questions for Discussion”-Ch 1 (pg 21) #1, #5, #7
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gross domestic product, per capita, supply curve supply