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ECON 101- Key Concepts. Make sure you know these before FINAL!

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University of British Columbia
ECON 101
Robert Gateman

Key Concepts Chapter 1: Economic Issues and Concepts 1) The self-organizing economy 2) Scarcity and the need for choice 3) Choice and opportunity cost 4) Production possibilities boundary 5) Resource allocation 6) Specialization 7) The division of labour 8) Globalization 9) Traditional economies 10)Command economies 11)Free-market economies 12)Mixed economies Chapter 2: Economic Theories, Data, and Graphs 1) Positive and normative statements 2) Endogenous and exogenous variables 3) Theories and models 4) Variables, assumptions, and predictions 5) Correlation versus causation 6) Functional relations 7) Positive and negative relations between variables 8) Positively and negatively sloped curves 9) Marginal responses 10)Maximum and minimum values Chapter 3: Demand, Supply, and Price 1) Stock and flow variables 2) Ceteris paribus or “other things being equal” 3) Quantity demanded 4) Demand schedule and demand curve 5) Change in quantity demanded versus change in demand 6) Quantity supplied 7) Supply schedule and supply curve 8) Change in quantity supplied versus change in supply 9) Equilibrium, equilibrium, price, and disequilibrium 10)Comparative statics 11)Relative price Chapter 4: Elasticity 1) Price elasticity of demand 2) Inelastic and perfectly inelastic demand 3) Relationship between demand elasticity and total expenditure 4) Elasticity of supply 5) Short-run and long-run responses to shifts in demand and supply 6) The burden of an excise tax 7) Consumer price and seller price 8) Income elasticity of demand 9) Normal goods and inferior goods 10) Luxuries and necessities 11) Cross elasticity of demand 12) Cross elasticity of demand 13)Substitutes and complements Chapter 5: Markets in Action 1) Partial-equilibrium analysis 2) General-equilibrium analysis 3) Price controls: floors and ceilings 4) Allocation by sellers’ preferences and black markets 5) Rent controls 6) Short-run and long-run supply curves of rental accommodations 7) Economic surplus 8) Market efficiency 9) Inefficiency of price controls and production quotas Chapter 6: Consumer Behavior 1) Total utility and marginal utility 2) Utility maximization 3) Equality of MU/p across different goods 4) Slope of the demand curve 5) Income effect and substitution effect 6) Giffen goods and conspicuous consumption goods 7) Consumer surplus 8) The paradox of value Chapter 7: Producers in the Short Run 1) Forms of business organization 2) Methods of financing modern firms 3) Profit maximization 4) Inputs and factors of production 5) Accounting versus economic profits 6) Economic profits and resource allocation 7) Short run, long run, and very long run 8) Tota
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