ECN102 Exam 1 review topics - Macroeconomic Goals The...

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University of Massachusetts Boston Exam 1 Review Topics ECON 102 Chapters 1, 2, 3, 4, 5, 6, 8 , 9 The Economic Problem Production Possibility Curve/Frontier Shifts/Movements along PPC/PPF Opportunity Costs Comparative advantage Factors of Production Direct / Inverse relationships Law of Demand Law of Supply Market equilibrium Shifts of the Demand or Supply Curve Movements along the demand or supply curve Determinants of Demand  Determinants of Supply Income effect Substitution effect Marginal utility Purchasing Power
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Unformatted text preview: Macroeconomic Goals The Production Function Normal Goods Inferior Goods Tax Revenue GDP , GNP, & National Income Final & intermediate goods & services Real GDP Nominal GDP MPC MPS Consumption function Multiplier Consumer boycotts Tax revenues Expansionary fiscal policy Investment Function Government spending multiplier Investment spending multiplier Tax multiplier Balanced Budget multiplier Income Distribution Measuring inequality Lorenz Curve...
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ECN102 Exam 1 review topics - Macroeconomic Goals The...

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