ECON 1000 Study Guide - Midterm Guide: Deadweight Loss, Absolute Advantage, Economic Surplus

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14 Jul 2014
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Know the definitions, the circular flow diagram, production possibility frontiers, positive vs. normative statements/science, trade, comparative versus absolute advantage. 6, 9, and know how to draw a ppf (like questions 1a and b on assignment 1) Understand the difference between quantity demanded and demand/ quantity supplied and supply. Know the law of demand, law of supply, and how to draw supply and demand curves. Understand the difference between a change in demand and a change in quantity demanded. Likewise for change in supply versus a change in quantity supplied. Know the different factors that can cause a change in supply and change in demand, and know that price is the only thing that can change quantity supplied and quantity demanded. Know the different types of elasticities, and of course, how to calculate elasticity (either with midpoint method or percentage change- whichever you prefer). Also, have an intuitive understanding of what causes different products to have different elasticities (think of question.

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