ECN2802
Fall
2016 Review
for Exam 1
Dr.
Dao
·
Central Coordination Problems
·
Methods of Reasoning in Modern Economics
·
Marginal Analysis
·
Microeconomics vs. Macroeconomics
·
Rational Decision Making
·
Positive vs. Normative Statement
·
Marginal Benefit and Marginal Cost
·
Law of Comparative Advantage
·
Opportunity Cost
·
Comparative Advantage
·
Specialization and Exchange
·
Economic Force
·
Market Force
·
Market disequilibrium scenarios: Shortage (Excess Demand) and Surplus
(Excess Supply)
·
Equilibrium Price and Quantity
·
Division of Labor and Gains from Specialization
·
Efficiency and Production Possibilities Curve
·
Inefficient and Unattainable Production
·
Shape of Production Possibilities Curve
·
Shifts of the Production Possibilities Curve
·
Principle of Increasing Marginal Opportunity Cost
·
Economic Model
·
Law of demand
·
Demand Schedule and Demand Curve
·
Change in Quantity Demanded (Movement Along the same Demand Curve) vs.
Change in Demand (Shift of Demand Curve)
·
Shift Factors Affecting Demand
·
Law of supply
·
Shift Factors Affecting Supply
·
Effects of Demand and/or Supply Shifts on Equilibrium Price and
Quantity
·
Adam Smith and Self-Interest