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ECON202 - Midterm_review econ202

ECON202 - Midterm_review econ202 - Midterm Review Chapters...

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Midterm Review Chapters 1 - 7
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Chapters 1 - 3 • What is Economics? – Study of choice under scarcity • Individual vs social scarcity • Slope of a curve
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Chapters 1 - 3: contd.. • Opportunity cost • PPF vis-à-vis opportunity cost • Comparative advantage and opportunity cost • Recession and PPF
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Chapters 1 - 3: contd.. • The marginal principle • modeling demand – Utility Maximization • modeling supply – Profit maximization
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Chapters 4 and 5 • measure of welfare – Real GDP per capita • other variables of interest – Unemployment (5.1%) – CPI (4.0%) – Federal Funds rate (2.25%)
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0 5000 10000 15000 20000 25000 30000 35000 40000 45000 50000 1900 1908 1916 1924 1932 1940 1948 1956 1964 1972 1980 1988 1996 2004 Nominal GDP per capita Real GDP per capita Population (in thousands) 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 1880 1900 1920 1940 1960 1980 2000 2020
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0 2000 4000 6000 8000 10000 12000 14000 16000 1900 1909 1918 1927 1936 1945 1954 1963 1972 1981 1990 1999 Nominal GDP (billions of dollars) Real GDP (billions of 2000 dollars)
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Chapters 4 and 5 • Why is growth so important? – Great welfare impact in long run and across countries • Why is unemployment important?
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