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