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ECON 200 Midterm 1 Review Sheet - • The law of demand and...

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ECON 200 Midterm 1 Review Sheet The following are the topics and concepts that could show up on the midterm. Just because we didn't have a quiz question about a topic, it doesn't mean that it won't show up on the midterm. Chapter 1 Opportunity cost (sec 1.2) Chapter 2 The law of diminishing value (sec 2.2) The meaning of value (sec 2.2) Marginal value vs. total value (sec 2.2) Marginal value and demand curves (sec 2.3) Total value vs. total expenditures (sec 2.3) Consumer surplus (sec 2.3) The law of demand (sec 2.4) Market demand curves ( sec 2.5) The diamond water paradox (sec 2.6) Consumption over time (sec 2.7) Chapter 3 Relative vs. absolute prices (sec 3.1)
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Unformatted text preview: • The law of demand and inflation (sec 3.1) • Elasticity of demand (sec 3.2) • Elastic vs. inelastic goods (sec 3.2) • Elasticity and total expenditure (sec 3.2) • Elasticity and monopolistic industries is NOT on the midterm • Elasticity of demand over time (called the second law of demand in the text ‐‐ sec 3.3) • Shipping the good apples out (sec 3.4) • Further applications of the law of demand (sec 3.5) Chapter 6 • Gains from specialization (sec 6.1) • Comparative advantage, marginal costs and production possibility frontiers (sec 6.2) • Comparative advantage and international trade (sec 6.2)...
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