Exam 1 Review - ECON 104 Fall 2018 REVIEW QUESTIONS FIRST EXAM The following are some questions for review\u2014they are not all inclusive your notes

Exam 1 Review - ECON 104 Fall 2018 REVIEW QUESTIONS...

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ECON 104 Fall 2018 REVIEW QUESTIONS FIRST EXAM The following are some questions for review—they are not all inclusive , your notes and reading assignments up through Chapter 9, Unemployment, homework and quizzes are your best guide for what is on the exam. ( The answers to these questions are in your class notes. We will go over your questions/fill in the blanks on Monday, 9/24. Also, please look over the Practice Exam in the back of your packet. Ignore any questions in the practice exam on topics we have not covered in class. No new material will be covered on Monday, 9/24. Note: You will not be tested on Ch. 9, Inflation. If you have missed any classes, I suggest you get the notes 700(take a picture) from a classmate. Come to the review on Monday where you will have an opportunity to exchange class notes towards the end of class. Introduction and Chapter 1 (entire chapter) : Packet pages 1 – 16. Definitions : Economics, macroeconomics microeconomics Rational Thinking- people taking into account all available information in achieving their goals Margin or marginal- additional (small incremental adjustment) Marginal Benefit (MB) Marginal Cost (MC) Standard of Living- amount of goods and services we can buy Factors of Production- land, labor, capital, entrepreneurship Capital Goods- physical goods and human goods such as training and worker’s skills Entrepreneur- organizes and operates a business, takes on great risk Positive Economics- statement that can be verified and tested scientifically using real world data and economic models Normative Economics- statement that is based upon opinion and are scientifically untestable Mixed Economy- economic system with both public and private enterprise 1.What are the 3 key economic ideas about how people interact and make choices in the 3. 1
4. 5.

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