First Exam Topics

First Exam Topics - Equilibrium Price and Quantity How do...

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First Exam: Topics What is Economics about? Ten Principles of Economics Circular Flow Diagram Production Possibilities Frontier Microeconomic vs. Macroeconomics Normative vs. Positive Statement Demand – Law of Demand – Determinants of the Demand Curve Supply – Law of Supply – Determinants of the Supply Curve Shift in the Demand and Supply Curve
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Unformatted text preview: Equilibrium Price and Quantity How do changes in supply and demand change market allocation of resources or equilibrium price and quantity? Price Control – Price Ceiling GDP, Value Added , Expenditure components of GDP (Everything we talked about in class is fair game) Good Luck LM...
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