{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ECO 102 Test 1 Study Guide - Supply& Demand Law of...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 102 Test 1 Know the following terms and their practical uses Surplus Shortage Inferior Goods Normal Good Independent Goods Substitute Gods Price Ceiling Price Floor Factors of Production: Land Labor Capital Entrepreneurial Ability Price elasticity of supply Price elasticity of demand > 1 Demand is Elastic = 1 Unitary < 1 Inelastic Positive Economics Normative Economics Economic scarcity Production Possibilities Curve, Opportunity Cost Curve, Alternative Cost Curve In a mathematical problem the denominator is what you are talking about
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Supply & Demand Law of supply Law of demand Determinates of consumer demand Price Equilibrium Quantity Equilibrium Know the Difference between a Market Economy and a Command Economy Definition of Economics Definition of Microeconomics Definition of Macroeconomics Model Maslow’s Hierarchy Increase in Supply or Demand Increase in Quantity Supplied or Demanded Adam Smith Wants Needs Comparative Advantage Absolute Advantage Specialization Inverse Direct...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern