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econ final review guide

econ final review guide - • Austrian/classical(Hayek •...

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Final Exam Review Review all lectures and notes on major principles: • Say’s Law of Markets • The Law of Comparative Advantage • The Law of Diminishing Marginal Utility • The Law of Diminishing Marginal Returns • Price and wage equalization • Price-equalization through time • Price arbitrage/speculation • Rate of return equalization • Invisible Hand • Time preference and discounting • Derived Demand and expected MRP Review key differences (cause-effect) in macro theories:
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Unformatted text preview: • Austrian/classical (Hayek) • Monetarists/classical quantity theory (Milton Friedman) • Supply-siders (Art Laffer) • New Classical/Ricardian Review lessons learned: • Price and wage controls • The internet • The 2008 housing bubble crisis • The Great Depression • Growth and development (keys/”rules”) • The economics of health care • The Phillips Curve/1970 stagflation • Public Choice Theory...
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