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Macroeconomics and Microeconomics Mid-Term.docx

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York University
ECON 1000
Jennifer Kuk

Macroeconomics and Microeconomics Mid-Term #1 Chapters 1, 2 and 3 are on both mid-terms, Chapters 20 and 21 are on Macroeconomics. Chapter 1 – What is Economics?  Definition of Economics ◦ Define Scarcity, Choices, Opportunity Cost and Incentives ◦ Main branches; Micro and Macroeconomics  Two Big Economic Questions: ◦ What, How and for whom to produce  Define factors of production ◦ How can choices made in the pursuit of self interest also promote the social interest ◦ The role of institutions  Economics as a Social Science and Policy Tool  Positive vs. Normative Statements  Economic Model Chapter 2 – The Economic Problem  Production Possibilities and Opportunity Cost ◦ Efficiency, Opportunity Cost ◦ Production Possibility Frontier (PPF Model)  Gains from Trade ◦ ComparativeAdvantage andAbsoluteAdvantage ◦ Dynamic ComparativeAdvantage Chapter 3 – Demand and Supply  Markets and Prices ◦ Relative Prices as Opportunity Costs  Demand ◦ Define demand curve and law of demand ◦ Distinction between Demand and Quantity demanded ◦ Shifts in Demand vs. Movement along the demand curve ◦ Related goods in Consumption  Supply ◦ Define supply curve and law of supply ◦ Distinction between Supply and Quantity Supplied ◦ Shifts in Supply vs
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