revfinal2006part1

revfinal2006part1 - Review for Final Part 1 Exam is...

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Review for Final Part 1 Exam is Saturday, December 9, 2 pm. In our regular room (Comer Auditorium).
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Final is comprehensive Material is covered fairly evenly from all four units. Many multiple choice questions are similar to, but usually not identical to, the ones you've seen. Problems will look like ones you've seen before on paper homework or exams, but with different numbers.
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Format of Final? 40 multiple choice questions, worth 2 points each. (80 points) 20 points of short problems. You don't need a Scantron. You do need a calculator.
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Studying Online practice problems still available. Exam 1-4 multiple choice questions will be available starting Thursday, in Comer 308. You have to look at them there. You can’t copy them. I will announce some extra office hours next week via email. I have office hours this afternoon.
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Review, Part 1 Terms and definitions Opportunity Costs The Basic Principles The Four Logical Pitfalls Absolute and Comparative Advantage Production Possibility Curves Supply and Demand
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What is economics? Economics is a social science. Social sciences deal with people and the institutions they create. Economics deals with how people make decisions to allocate resources to achieve their goals.
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Scarcity and Efficiency Scarcity . Resources are (usually) finite. All “ economic goods ” are limited in supply, which economists call “scarce.” In a market economy, “scarce” or limited items have prices associated with them. The notion of “unlimited” wants is not true for everyone, but even at our current level of prosperity, we do not produce enough for everyone to think they have “enough.”
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Economic Efficiency The economy is producing “efficiently” when it cannot increase the economic welfare of anyone without making at least one person worse off.
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Equity Equity involves the distribution of wealth within a society. In perfect equity, everyone has equal shares.
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Microeconomics . . . is the branch of economics that deals with the behavior of individual entities, such as consumers, firms, households, or markets. A major focus of microeconomics is price determination.
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The other branch of Economics . . . is macroeconomics, which is concerned with overall performance of the economy, e.g. inflation, unemployment, growth.
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Positive and Normative Economics Positive Economics deals with questions that can be analyzed objectively, e.g. “What is the impact of raising taxes?” Normative Economics involves ethical precepts and norms of fairness, e.g. “Should the poor be required to work to receive government assistance?”
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The value of items not produced because resources were used for another purpose. Or
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This note was uploaded on 11/15/2011 for the course AGEC 7100 taught by Professor Duffy,p during the Fall '08 term at Auburn University.

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revfinal2006part1 - Review for Final Part 1 Exam is...

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