Midterm 1 Topics

Midterm 1 Topics - Announcements • MT1 is Wednesday •...

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Unformatted text preview: Announcements • MT1 is Wednesday • Office hours today 2-4:30, tomorrow 2- 4:30 or by appt. • HW for ch 6 due tonight • All iClicker Qs are on Scholar (Resources) • Grades will be up by Friday (drop day is Monday). Midterm Topics • Misc. Stuff – Econ as a science (scientific method) – Positive vs. normative – Pitfalls of economic analysis – Opportunity Cost – Sunk Costs – Comparative and Absolute Advantage – PPFs – Economic systems (Tradition, Control, Market) Comparative and Absolute Advantage Topics • PPFs • Represent trade-off in society. • Slope=marginal rate of transformation Topics • Demand Curves – Demand vs. Quantity Demanded – Shift Demand Curve • Income, Tastes, Price of related goods, expectations, number and composition of consumers (for market D) – Change in Price moves us along the D curve • Supply Curves – Supply vs. Quantity Supplied – Shift Supply Curve • Technology, Prices of inputs, Price of alternative goods, Producer Expectations, number of producers – Change in Price moves us along the S curve Topics...
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Midterm 1 Topics - Announcements • MT1 is Wednesday •...

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