Econ 101 FINAL

Econ 101 FINAL - c) Know what is means to be perfectly...

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Econ 101 FINAL Ch. 1— a) know the differences between positive and normative economics Ch. 2— a) know the difference between opportunity cost and direct costs b) know whether a point in a ppf diagram is attainable for society or not c) ( c) identigy attainable yet inefficient points Ch. 16—understand, in words, the difference between comparative and absolute advantage Ch. 3— a) Know which types of variables cause a change in D b) Know what “surplus” (excess supply) and “shortage”(excess demand) means c) Know what a substitute/ compliment is Ch. 4— a) Know the definition of a price and income elasticities (in words) b) Know the difference between normal and inferior goods
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Unformatted text preview: c) Know what is means to be perfectly elastic or inelastic Ch. 5 a) Understand what a budget constraint is b) Identify which points on a graph are affordable c) Know how the budget constraint is affected by a change in a price or income d) Know the definition of marginal utility and diminishing marginal utility Ch. 6 a) Know the definition of marginal product(MP) and diminishing MP b) Know the difference between marginal and average cost c) Know the difference between fixed and variable cost d) Know what a skunk cost is Ch. 7 a) Understand why profit maximization requires MR=MC!! Ch. 15-a) Know what a public good is...
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