Midterm Review

Midterm Review - • p 37 The invisible hand • p 38...

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Midterm Review 26/09/2007 16:04:00 Chapter 1: (7 total questions) What is the meaning of utility? What is really economics?: administration of scarce resources, and to satisfy and limited ones Essay: What is scarcity/shortage, difference p. 6: what is micro/macro economics?: study of individual of an individual unit (micro), study of the economy as a whole (macro) What is positive and normative economics? p. 10: scarce resources, labor, entrepreneur p. 11/12 Chapter 2: (6 total questions) Economic system, command economy? What are the characteristics of capitalism?: private property Competition: gov’t protect competition: results lower prices, better quality, choice p. 32: What is specialization, results Division of labor: results: higher output, efficiency, etc
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Unformatted text preview: • p. 37: The invisible hand • p. 38: circle flow of income Chapter 3: • What is the law of demand? Income substitution (2 questions) • Citrus peribus • Law of supply: (2 questions) • p. 54: how much surplus, 3.6 Chapter 4: • What is the price floor and price ceiling? Price increase, generate surplus • p. 58/59: price flow • Law of business, what is a corporation? • p. 72 • p. 77 Chapter 5: • Depreciations/appreciation (increasing the value of a currency in relation to foreign currencies) of the currency • Trade organizations: GAT, WTO, NFTA • Tariffs and quotas -> weapons • Foreign exchange Citrus peribus, specializations, chapter 4 legal forms of business, appreciation/depreciation 26/09/2007 16:04:00 26/09/2007 16:04:00...
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