ECON 1200 Review slides for midterm

ECON 1200 Review slides for midterm - ECON 1200-01 Review...

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ECON 1200-01 Review Slides for Midterm Exam In Microeconomics
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What’s Important in Chapter 1 What is Economics? Study of choices What is MICROeconomics ? Study of choices of individuals and businesses Two BIG Economic Questions What, How, For Whom? Self-interest vs. Social Interest self (benefit individual) social (benefit social) self interest may or may not benefit social interest as well The Economic Way of Thinking Marginal Benefit vs. Marginal Cost (benefit of increase in activity) vs. (cost of an increase in activity) Opportunity Cost (highest alternative forgone) Constructing and analyzing simplified models Choosing at the Margin Both A Social Science and A Policy Tool
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WHAT’S IMPORTANT IN CHAPTER 2 Production Possibilities Frontier (PPF) Opportunity Cost Using Resources Efficiently Productive Efficiency Allocative Efficiency Economic Growth and the PPF Gains from Trade – an example Economic Coordination Markets and Prices
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3 The Law of Demand The Demand Curve Marginal cost curve, sloping downward Factors that Influence Demand Income, preferences for good, weather, etc Changes in Demand Shifts of the Demand Curve The Law of Supply The Supply Curve Factors that Influence Supply Changes in Supply
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This note was uploaded on 12/01/2010 for the course ECON 1200 taught by Professor Martel during the Spring '10 term at UConn.

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ECON 1200 Review slides for midterm - ECON 1200-01 Review...

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