Topics To Review For Final Exam

Topics To Review - Topics To Review For Final Exam Chapter 1 Production Possibilities Curve efficiency inefficiency opportunity cost trade offs

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Topics To Review For Final Exam Chapter 1 Production Possibilities Curve efficiency inefficiency opportunity cost / trade offs / choices economic growth Market mechanism Chapter 2 GDP Per capita GDP Relationship between population and per capital GDP Factors of production land labor capital entrepreneurship Chapter 3 Factor market Product market Determinants of supply and demand Change in quantity demanded (supplied) Change in demand (supplied) Market demand Supply demand Equilibrium price Market surplus / price floor Market shortage / price ceiling
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Chapter 4 Market failure public goods externalities market power equity (inequity) Public good free-rider problem tend to over-produce private goods tend to under-produce public goods Externalities – social demand vs market demand Government failure Chapter 5 Measurement of GDP GDP vs GNP Value added concept Real vs nominal GDP Computing real GDP Components of GDP – GDP = G+I+NE
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This note was uploaded on 07/02/2011 for the course ECON 222 taught by Professor Shimpalee during the Spring '10 term at South Carolina.

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Topics To Review - Topics To Review For Final Exam Chapter 1 Production Possibilities Curve efficiency inefficiency opportunity cost trade offs

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