ECON 201 Study Guide - Diminishing Returns, Comparative Advantage, Mercantilism

• School: University of Maryland
• Department: Economics
• Course: ECON 201
• Professor: Deanna Behnke- Cook

Document Summary

Identify positive vs. negative relationships, independent vs. dependent variables, the intercept and the meaning of slope: define several common statistical measures, such as mean, median and mode and describe advantages or disadvantages of such measures. Draw a graph showing demand (including labeling axis etc). Explain what a change in income does to demand and show the change on a graph: define what economists mean by supply and the law of supply. Draw a graph showing supply (including labeling axis etc). Explain what a change in input prices or technology does to supply and show the change on a graph: combine demand and supply on a single graph and identify the equilibrium price and quantity. Explain and identify on a graph what a surplus is and what a shortage is: distinguish between movement along a demand or supply curve and a shift in a demand or supply curve.