MicroeconomicsStudyTopics

MicroeconomicsStudyTopics - MICROECONOMICS FINAL EXAM STUDY...

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MICROECONOMICS- FINAL EXAM- STUDY Topics CHAP 1 1. Limits, Alternatives & Choices –Scarcity & Choice –The Economizing problem –Unlimited wants/scarce resources –Productions possibilities curve –Law of increasing opportunity costs –Productive & Allocative Efficiency –Economic Resources –Micro vs. Macro CHAP 2 2. The Market System & Circular Flow Command vs. Market System Characteristics of the Market System Private property – freedom of choice Self-interest – competition – specialization 5 Questions? What gets produced, How, Who, Change, Progress? “Invisible Hand” The Circular Flow Model – HHs & Business, Resource & Product markets CHAP 3 3. Demand, Supply & Market Equilibrium Law of Demand – Law of Supply Non-Determinates of Supply & Demand Change in Supply & Demand vs. change in quantity supplied & demanded Equilibrium Surpluses & Shortages – Ceilings & Floors CHAP 4 4. The U.S. Economy: Private & Public Sectors
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