ECN2801

Spring 2018 Review for Exam 1

Dr. Dao

· Entreneurship

· Labor

· Opportunity Cost

· Positive vs. Normative Economics

· Microeconomics vs. Macroeconomics

· Utility

· Marginal Benefit and Marginal Cost: Decision at the Margin

· Comparative Advantage

· Scarcity

· Rationing Device

· Shift in the PPF

· Productive Efficiency vs. Productive Inefficiency

· Constant vs. Increasing Opportunity Cost

· Calculation of the Inflation Rate using CPI

· Civilian Non-institutional Population

· Not in the Labor Force

· Employed Person

· Unemployed Person

· Unemployment Rate

· Employment Rate

· Labor Force Participation Rate

· Types of Unemployment

· GDP

· Double Counting

· Net Exports

· Consumption

· Investment

· Expenditure vs. Income Approach as Two Ways of Measuring Gross Domestic Product

· Government Purchases

· Largest Component of National Income

· Capital Consumption Allowance

· Net Domestic Product (NDP)

· Calculation of GDP