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Midterm

Economics Midterm 1 review.docx

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Department
Economics
Course
ECON 1131
Professor
Can Erbil
Semester
Fall

Description
ECONOMICS MIDTERM 1 REVIEWECONOMICS OF INTERACTION PRINCIPLES 1RESOURCES ARE SCARCELAND LABOR CAPITAL ENTREPRENEURSHIP 2THE TRUE COST IS THE OPPORTUNITY COSTWHAT YOU MUST GIVE UP THE VALUE OF YOUR NEXT BEST ALTERNATIVE 3HOW MUCH IS A DECISION AT THE MARGIN4PEOPLE RESPOND TO INCENTIVES AND EXPLOIT OPPORTUNITIES TO MAKE THEMSELVES BETTER OFF5THERE ARE GAINS FROM TRADEPEOPLE GET MORE BY DIVIDING TASKS AND TRADING6MARKETS MOVE TOWARD EQUILIBRIUM 7RESOURCES USED EFFICIENTLY ACHIEVE SOCIETYS GOALS 8ONE PERSONS SPENDING IS ANOTHER PERSONS INCOMEPEOPLE MAKE A LIVING BY SELLING THEIR LABOR9OVERALL SPENDING SOMETIMES GETS OUT OF LINE WITH THE ECONOMYS PRODUCTIVE CAPACITYSPENDING FALLS SHORT OF WHAT ISNEEDED TO KEEPWORKERS EMPLOYED10GOVERNMENT POLICIES CAN CHANGE SPENDING EFFICIENCYTAKING ALL OPPORTUNITIES TO MAKE SOME BETTER OFF WITHOUT MAKING SOME WORSE OFFEQUITYEVERYONE GETTING THEIR FAIR SHAREPOSITIVE ECONOMICSDESCRIBES THE WAY THAT THE ECONOMY ACTUALLY WORKSNORMATIVE ECONOMICSDESCRIBES THE WAY THE ECONOMY SHOULD WORKWHY DO ECONOMISTS DISAGREEWHICH SIMPLIFICATIONS TO MAKE IN A MODEL OR THE VALUES OF NORMATIVE COMPETITIVE MARKETMANY BUYERS AND SELLERS SELLING THE SAME GOODSERVICEDEMAND SCHEDULEHOW MUCH OF A GOOD THAT CONSUMERS WILL WANT TO BUY AT DIFFERENT PRICES
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