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