MacroMidReview - REVIEW FOR MIDTERM EXAM 50 MINUTE TEST...

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REVIEW FOR MIDTERM EXAM 50 MINUTE TEST OPTIONAL IF YOU WANT TO TAKE MAKE UP ON LAST DAY OF CLASS EXAM HELD IN CLASSROOM MULTIPLE CHOICE AND SHORT ANSWERS BRING A BLUEBOOK AND PENCILS INCLUDES PROBLEMS SIMILAR TO MYECONLAB
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Chapter 1: Review Terms and Concepts ceteris paribus descriptive economics economic growth economic theory economics efFciency efFcient market empirical economics equity Industrial Revolution macroeconomics marginalism microeconomics model normative economics Ockham ʼ s razor opportunity cost pig principle positive economics scarcity stability sunk costs
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capital command economy consumer goods consumer sovereignty economic growth factors of production (or factors) free enterprise inputs or resources investments laissez-faire economy marginal rate of transformation (MRT) market opportunity cost outputs production production possibility frontier (ppf) CHAPTER 2: REVIEW TERMS AND CONCEPTS
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capital market complements, complementary goods demand curve demand schedule Elasticity of demand (own, cross, income) Elasticity of Supply equilibrium excess demand or shortage excess supply or surplus factors of production firm households income inferior goods input or factor markets labor market land market law of demand law of supply market demand market supply movement along a demand curve movement along a supply curve normal goods perfect substitutes product or output markets profit quantity demanded quantity supplied shift of a demand curve shift of a supply curve substitutes supply curve supply schedule wealth or net worth CHAPTER 3: REVIEW TERMS AND CONCEPTS
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aggregate behavior aggregate demand aggregate output aggregate supply behavioral economics business cycle circular flow contraction, recession, or slump deflation depression dividends expansion or boom fine-tuning fiscal policy Great Depression hyperinflation inflation macroeconomics microeconomic foundations of macroeconomics microeconomics
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MacroMidReview - REVIEW FOR MIDTERM EXAM 50 MINUTE TEST...

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