ECN2802
Fall
2009 Review
for Exam 1
Dr.
Dao
·
Opportunity cost
·
Marginal changes
·
Incentives
·
Market economy
·
Markets: prices
·
Communism
·
Invisible hand
·
Government: Property rights
·
Market failure
·
Externalities
·
Economic models
·
Circular-flow diagram
·
Factors of production
·
Capital
·
Production possibilities frontier: opportunity cost
·
Shortages vs. surpluses
·
Equilibrium
·
Externalities: efficiency
·
Standard of living
·
Productivity
·
Inflation
·
Economists
·
Competitive markets
·
Perfect competition
·
Normal goods
·
Substitutes vs. Complements
·
Expectations
·
Market demand
·
Demand curve