Study Guides (238,606)
Canada (115,249)
Economics (379)
ECON 101 (97)


2 Pages
Unlock Document

University of Waterloo
ECON 101
Vivian Dayeh

MIDTERM 1 – STUDY GUIDE You are responsible for all materials that were covered in class from chapter 1 to chapter 4. This guide is only a summary of topics that you need to study for your midterm. Your primary source of study is still your lecture notes. CHAPTER 1: - Definition of economics (choices, scarcity, opportunity cost, and examples of these terms). - Distinguishing between microeconomics and macroeconomics. - Two big economic questions: o What, how, and for whom question o Self-interest vs. social interest - Definition of factors of production and how to distinguish them. - The economic way of thinking: o Choice and tradeoff o Opportunity cost o Choosing at the margin o Responding to incentives o Positive statements vs. normative statements. CHAPTER 2: - Production possibilities frontier o Definition o Attainable vs. non-attainable o Calculate opportunity cost along the PPF o Slope of PPF o Shape of PPF o How PPF illustrates  Efficiency  Production efficiency  Allocative efficiency  Tradeoffs  Opportunity cost = a decrease in quantity produced of one good / an increase in the quantity produced of another good (know how to calculate opportunity cost using the PPF)  Concept of marginal cost  Economic growth o Preference and marginal benefit  Principle of decreasing marginal benefit o Economic growth  Technological change  C
More Less

Related notes for ECON 101

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.