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Outline for Test 1

Outline for Test 1 - Microeconomics I Fundamentals of...

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Microeconomics I. Fundamentals of Microeconomics A. Consumers 1. Demand products. 2. Governed by Consumer Choice Theory . B. Firms (Producers) 1. Supply products. 2. Governed by Theory of the Firm . C. Government Policies 1. Influence consumers and firms. D. Products 1. Types of Products a. Goods b. Services 2. Production a. No free products. b. Scarce Resources go into the production of a product; therefore, nothing is free. c. Scarce means that there are more uses for a resource than there is of that resource. E. Resources 1. Land: Both land and its natural resources. 2. Labor: The working class of the population.
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3. Capital (K) a. K Physical i) Machinery ii) Factories iii) Buildings b. K Human i) Education ii) Skills 4. Entrepreneurial Talent: Combines the land, labor, and capital to produce useful products. F. Markets 1. Real Markets (NYSE) 2. Virtual Markets (NASDAQ) 3. Determine the prices of products. a. Prices determined thru buyer & seller interaction. b. The buyers’ side is called demand . c. The sellers’ side is called supply .
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