ECON 102 Study Guide - Midterm Guide: Freeriding, Market Failure, Externality
Document Summary
Econ 102 midterm 1 list of topics. Professor kelly reserves the right to question material that is not listed here, or that is found in your text but was not covered in the large lecture. Please review your notes carefully, work the practice questions, and take care of yourself physically and mentally in preparation for the exam. If you need additional questions remember to check the website for help: www. ssc. wisc. edu/~ekelly/econ102: core ideas. Economics the study of the allocation of scarce resources. Macroeconomics the study of the aggregate behavior of individual economic agents. Positive economics the study of how the economy behaves. Normative economics the benchmarking of how the economy should be. However, people may want to wait for others to provide the public good (they free ride) rather than playing an active role in providing the public good. If enough people free ride the public good will not be provided. )
