ECON_201_Final_Ex_Study_GUide_SPRING_2010

ECON_201_Final_Ex_Study_GUide_SPRING_2010 - ECON 201 FINAL...

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ECON 201 – FINAL EXAM STUDY GUIDE – SPRING 2010 - Microeconomics vs. Macroeconomics - Production Possibilities Curve - Opportunity Cost - Positive vs. Normative Statements - Scarcity Problem - Economic Perspective - - Characteristics of the Market System vs. Command Economies - How does the market system answer the fundamental questions… - Consumer Sovereignty - Invisible Hand - Problems with Command Economies - Circular Flow – Product Market vs. Resource Market - - Law of Demand regarding Complements and Substitutes (Application/Graphical Analysis) - What causes the Demand curve to shift to the right/left… - Increase/Decrease in Demand/Supply and Quantity Demanded/Quantity Supplied (Graphical Analysis) - Shortages vs. Surpluses - How will a “government mandated increase in price” effect Supply/Demand and/ or Quantity Supplied/Quantity Demanded - Market Equilibrium – the concept and tendency of markets - Non-price Determinants of Demand and Supply (Application & Graphical Analysis) - Price Floors vs. Price Ceilings (Application & Graphical Analysis)
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ECON_201_Final_Ex_Study_GUide_SPRING_2010 - ECON 201 FINAL...

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