Review topics for first exam

Review topics for first exam - Change in quantity supplied...

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REVIEW TOPICS FOR FIRST EXAM SPRING 2010 CHAPTERS 1 - 4 Chapter 1 Production possibilities schedule and related curve Production possibilities curve – efficient and inefficient points 4 factors of production Opportunity cost Chapter 2 Per capita GDP Growth in per capita GDP and population growth How/why is America able to produce so efficiently Human capital Capital stock Factor mobility Technology Outsourcing and trade Role of Government o legal framework; protects environment, labor and consumers
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Chapter 3 Participants in the market Goals of the market participants Why participate in the market? Circular flow of the economy Factor and product markets Supply and demand curves Determinants of demand and supply Law of demand Law of supply Ceteris paribus Change in quantity demanded (price) vs. change in demand (determinants of demand)
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Unformatted text preview: Change in quantity supplied (price) vs. change in supply (determinants of supply) Market demand vs individual demand Market supply vs individual supply Market mechanism and invisible hand of the market Market surpluses and shortages from price ceilings and floors Figures 3.7 Chapter 4 Production possibilities curve (PPC) Optimal mix of output as shown on PPC Market failure as shown on PPC Market failure wrong mix of output, uneven distribution of output Causes of market failure public goods and free rider problem, externalities, market power, inequity Social demand Government failure when government policies dont have desired effect or outcome Different types of taxation...
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Review topics for first exam - Change in quantity supplied...

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