{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

bus201 study guide midterm 1

bus201 study guide midterm 1 - MIDTERM EXAM 1 1 2 3 4 5 6...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
MIDTERM EXAM 1 1 Economics Tools (1 & 1A) Opportunity Cost & Trade (2) What is the role of economic tools in the analysis of problems. 2 Markets (3 & 3A) Elasticity (4) How markets work and why elasticity matters? 3 Efficiency (7) How do individuals behave and how do policies impact markets? 4 Costs, Production and Profits (6) Economic and Accounting profit (8) How are costs determined and how does a firm use this information to determine the profit maximizing choice? Bob’s Burgers: Analysis of the Curves 5 From Perfect Competition to Monopoly (6 & 10) How do perfectly competitive firms differ from monopolies? Also, how do monopolies acquire their power? 6 Monopolist Competitive Firms and Oligopolies (11) What are monopolistic competitive firms and how do they behave? Pricing Strategy Assignment This study guide should serve as a guide. However, the sample questions and study points are only representative of the kinds of questions on the exam and some of the points you should know. They are not inclusive and it should not be assumed that other questions or types of questions from each chapter or chapter area will not be asked on the exam. That is, this guide is just a guide to help you study and is not the test! Chapter 1 & 2 Economic systems: Can you: Calculate opportunity costs Identify comparative versus absolute advantage Know what it means to have comparative advantage Know how to analyze a system with comparative advantage.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Sample Question Hours to Bake Cake Hours to Clean Bathroom Bob 1.5
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 6

bus201 study guide midterm 1 - MIDTERM EXAM 1 1 2 3 4 5 6...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon bookmark
Ask a homework question - tutors are online