Econ 207 Midterm I Study Guide

Econ 207 Midterm I Study Guide - 4- Chapter IV The 3 goals...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 207 Study Guide for Midterm Exam I 1- Chapter I: Definition of economics The four resources Macroeconomics vs. Microeconomics Positive vs. Normative economics 2- Chapter II Opportunity cost Production Possibilities Frontier, Figure 2 and 4 Comparative advantage Tables 3 and 4 Market capitalism and centrally planned socialism 3- Chapter III The laws of supply and demand Shift vs. movement along the demand and supply curves Factors that shift the demand and supply curves What happens to P and Q when demand and/or supply change? Study table 6
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 4- Chapter IV The 3 goals of macroeconomics Business cycle and unemployment Expansion, recession and depression 5- Chapter V Definition of GDP 3 ways of measuring GDP Real vs. nominal GDP Types of unemployment Who is considered part of labor force? Who is considered unemployed? Figures 5 and 6 6- Chapter VI CPI GDP Price Index Inflation rate Changing a nominal variable into real [both absolute values and rates] 1 Review of all the problems that were done in class is also recommended. 2...
View Full Document

Page1 / 2

Econ 207 Midterm I Study Guide - 4- Chapter IV The 3 goals...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online