Review topics for final exam

Review topics for final exam - REVIEW TOPICS FOR FINAL EXAM...

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REVIEW TOPICS FOR FINAL EXAM Chapters 1-9 Production possibilities curve 4 factors of production Market failure – wrong mix of output, externalities, uneven distribution of output Causes of market failure – public goods and free rider problem, externalities, market power, inequity Government failure – when government policies don’t have desired effect or outcome Per capita GDP – What is it? What does it measure? Real GDP and Nominal GDP Opportunity cost Supply and demand curves – What do they represent? Ceteris paribus and laissez faire Determinants of demand and supply Change in quantity demanded (price) vs. change in demand (determinants of demand) Change in quantity supplied (price) vs. change in supply (determinants of supply) Invisible hand of the market Market surpluses and shortages from price ceilings and floors – Figures 3.8 and 3.9 Price elasticity of demand – What is it? Elastic vs. inelastic Substitute and complementary goods Utility, marginal utility, diminishing marginal utility Production function – What does it represent? Fixed costs vs. variable costs
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Review topics for final exam - REVIEW TOPICS FOR FINAL EXAM...

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