Midterm 1 Topics

Midterm 1 Topics - Announcements MT1 is Wednesday Office...

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Announcements MT1 is Wednesday Office hours today 2-4, tomorrow 2-4 HW5 due tonight
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Midterm Topics Misc. Terms Econ as a science (scientific method) Pitfalls of economic analysis Opportunity Cost Sunk Costs Comparative and Absolute Advantage PPFs Economic systems (Tradition, Control, Market)
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Comparative and Absolute Advantage
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Topics PPFs Represent trade-off in society. Slope=marginal rate of transformation
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Topics Demand Curves Demand vs. Quantity Demanded Shift Demand Curve Income, Tastes, Price of related goods, expectations, number and composition of consumers (for market D) Change in Price moves us along the D curve Supply Curves Supply vs. Quantity Supplied Shift Supply Curve Technology, Prices of inputs, Price of alternative goods, Producer Expectations, number of producers Change in Price moves us along the S curve
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Topics Market – Supply meets Demand Equilibrium Surplus and shortage (price rationing)
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This note was uploaded on 06/21/2009 for the course ECON 2005 taught by Professor Zirkle during the Fall '07 term at Virginia Tech.

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Midterm 1 Topics - Announcements MT1 is Wednesday Office...

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