Midterm_1_Review_Concepts

Midterm_1_Review_Concepts - Chapter1...

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Chapter 1 Definition of macroeconomics and microeconomics Trade offs, opportunity costs Marginal cost and marginal benefit Self interest vs. social interest Incentives Positive and normative statements
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Chapter 2 Production possibility frontier (PPF): Characteristics Allocative efficiency (efficient use of resources) Production efficiency Economic growth Trade: comparative advantage and absolute advantage.
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Chapter 3 Competitive market Market demand: Law of demand Income and substitution effects Changes in demand Market Equilibrium Market supply: Law of Supply Changes in Supply
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Price elasticity of demand Perfect elastic, perfect inelastic, unit elastic demand Factors that affect elasticity of demand Revenue and elasticity Cross elasticity of demand Income elasticity of demand Elasticity of supply
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This note was uploaded on 09/25/2010 for the course ECON ECON 1000 taught by Professor Noordeh during the Fall '09 term at York University.

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Midterm_1_Review_Concepts - Chapter1...

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