This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: inferior goods, substitutes, complements, why and how you move along the demand curve, why and how you shift the demand curve, supply, quantity supplied, law of supply, why and how you move along the supply curve, why and how you shift the supply curve, equilibrium, surplus, shortage, convergence toward an equilibrium, predicting price and quantity changes by using the supply and demand model, price ceilings, price floors, consumer surplus, producer surplus, elasticities, etc… Adam Smith, Karl Marx, Milton Friedman, the invisible hand, capitalism, communism Policy issues that incorporate economics: The minimum wage, rent ceilings, attacking illegal drugs with limited funds, the financial crisis...
View Full Document
- Spring '11
- possible essay questions, George Diemer Spring, current events. Bring