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StudyGuideOutline - Limits Alternatives Choices Scarcity...

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Limits, Alternatives & Choices –Scarcity & Choice – Marginal Analysis –Productive & Allocative Efficiency –Macro vs. Microeconomics –Positive & Normative economics –The Economizing Problem •(Unlimited wants/scarce resources) –Productions possibilities curve •Law of increasing opportunity costs –Economic Resources – factors of production –Appendix – Graphs & Meaning 2. Market Systems & Circular Flow Model –Command vs. Market System –Private property – freedom of choice –Self-interest – competition – specialization –Invisible hand [Adam Smith] –What will get produced? How? Who Gets? How will system accommodate change? –Consumer Sovereignty –Circular Flow Model (businesses, households, product markets, resource markets ) 3. Demand, Supply & Market Equilibrium –Law of Demand – Law of Supply –Determinates of Supply & Demand –Change in Supply & Demand vs. change in quantity supplied & demanded –Market Equilibrium –Surpluses & Shortages 4. The US Economy: Private & Public Sectors –Households (income & consumption) –Businesses – legal forms: sole proprietorships, partnerships, corporations
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