exam1reviewsheetspring07 - ECON 102 SPRING 2007 FIRST...

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E CON  102 S PRING  2007 –F IRST  M IDTERM This is not meant to be a complete list, but is instead a guideline of many of the  topics covered.   Professor Kelly reserves the right to question material that is  not listed here, or that is found in your text but was not covered in the large  lecture.  Please review your notes carefully and work the practice questions.  If  you   need   additional   questions,   remember   to   check   the   website   for   help:  www.ssc.wisc.edu/~ekelly/econ102 .  Good luck! Some Definitions Economics  – the study of the allocation of scarce resources. Macroeconomics  – the study of the aggregate behavior of individual economic agents. Positive Economics  – the study of how the economy behaves. Normative Economics  – the benchmarking of how the economy should be. Trade, Production, Specialization Opportunity Cost  – the production or consumption foregone when we make decisions  to produce or consume something else.  For example, if seeing a concert costs $65  and the concert lasts 3 hours (time which I could have spent working, where I make  $100/hour), my opportunity cost of seeing the concert is $365!  Production   Possibility   Frontiers   –   the   path   of   points   that   represent   the   maximum 
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