E251.F11.M1.R1.TopRev

E251.F11.M1.R1.TopRev - ECON 251: Fall 2011 REVISED Topical...

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ECON 251: Fall 2011 REVISED Topical Review for First Midterm (Chapters 1 - 5) The following is a review of the topics we have covered and should serve as a review tool. The list may not be definitive. 1. Introduction to Economic Theory Defined Economics Defined Positive vs. Normative Analysis Derived the Elements in the construction of Theory Defined Marginal Analysis 2. Basis of Economics Defined Goods, Scarce (Economic) Goods, Free Goods, Resources (Categories of) Defined Basic assumptions of Scarcity Derived Implications of Scarcity [Choice, Cost, Competition] Defined Economic (Opportunity) Cost. Derived the Forms of Competition Derived Implication: Life is Not Fair ! 3. Derived the Circular Flow diagram of the Economy Assumptions of household and firm decision making Defined profit: π = TR - TC Defined product markets and resource markets and what is being exchanged 4. Focused on market activity (Chapter 4) A. Defined Marginal Value Derived diminishing marginal value (graph) Defined a market B. Derived and defined Demand (graph)
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E251.F11.M1.R1.TopRev - ECON 251: Fall 2011 REVISED Topical...

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