Mid Term Exam Study Guide

Mid Term Exam Study Guide - 1.. methods. 2.(GDP 3.

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Mid Term Exam Study Guide 1. Know what the Gross Domestic Product is and how it is computed. Remember there are two different  methods. Part of knowing this is remembering the definition. 2. Know the definitions of nominal versus real Gross Domestic Product (GDP). 3. Know the difference between Micro and Macroeconomics. 4. What is it meant by the business cycle? What are some of the economic problems associated each.  Where do you think our economy falls in that cycle? 5. Know what the Economizing Problem is. 6. You need know the laws of demand and supply. Be certain that you understand that changes in the  determinants actually change demand. A change in price changes the quantity demanded. Make sure  you understand the difference. The same is true with Supply. 7. Know how graph supply and demand curves on a graph and how the good's equilibrium price and 
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