ECON 224 Lecture Notes - Lecture 1: Factors Of Production, Marginal Utility, Inferior Good
29 May 2017
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Exam is open until sunday at midnight and has a time limit of 75 minutes and 50 multiple choice questions. Explain how economics applies to the real world. Think about scarcity and marginal analysis. and society level. Identify opportunity cost in various decisions, at the individual, business, Evaluate statements as being positive or normative. Provide a detailed description of the circular flow diagram. Compare and contrast command and market systems. Discuss the characteristics of a competitive market, monopoly, monopolistically competitive and oligopoly. 3-14 (end at the production possibilities model); chapter 2 pp. Economics : about wants and means the social science concerned with how individuals, institutions and society make choices under conditions of scarcity. Assume that humans are rational and self-interested. Marginal analysis : comparisons of marginal benefits and marginal costs. Stop when the marginal benefit is less than the marginal cost.
