midterm topics

midterm topics - TOPICS FOR MID-TERM: ECO 106 Fall 2009...

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TOPICS FOR MID-TERM: ECO 106 – Fall 2009 Some basic economic terms : opportunity cost, resources, scarcity, efficiency. (Ch. 1 and Ch. 2) Models - The Production Possibility Frontier: slope, shifts, what does it tell us? o Efficiency: on the PPF o Economic growth and shifts in PPF - Gains from Trade: comparative and absolute advantage - The Circular Flow model: how spending turns into income - Positive versus normative economics (Ch. 2) Macroeconomics: - Macro vs. microeconomics: how do they differ? - Main topics in macroeconomics: Business Cycles: o Recessions and expansions o What happens to GDP and unemployment in a recession or expansion? o The costs of unemployment – inefficiency and social costs o Policies to reduce business cycles - Economic growth: measure GDP/capita - Inflation and deflation (At this point you want to know what each term means, in-depth discussions follow later). - Open vs. closed economies - What is the trade balance with other countries, and when does a country have a
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midterm topics - TOPICS FOR MID-TERM: ECO 106 Fall 2009...

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