Mankiw Exam I Review - Mankiw Exam I Review Chapter 1 1...

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Mankiw Exam I Review Chapter 1 1. Scarcity 2. Opportunity Cost 3. Trade offs 4. Rational consumers 5. Efficiency 6. Equality 7. Benefits of trade 8. Command vs free market 9. Communism vs Capitalism 10. Invisible Hand 11. Market failure 12. Externalities 13. Productivity 14. Business cycle Chapter 2 1. Circular flow 2. Factors of production (inputs) 3. Calculation of opportunity cost 4. Production Possibilities Frontier a. Definition b. Interpret graph c. assumptions of model 5. Macroeconomics vs Microeconomics 6. Normative vs Positive Economics Chapter 4 1. Define Markets 2. Differentiate between competitive markets and monopoly, including characteristics of each 3. List, define and analyze determinants/variables of demand, including differentiating between normal and inferior goods, and substitutes and complements 4. Practice shifting demand curves to reflect changes in the determinants of demand
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