Your first test will occur on February 26. This will assess your understanding of the following concepts. Please note that I've identified the relevant chapters in your textbook. Please feel free to use this as a resource, but everything you need to know can be found in your podcasts.
WOOOOO!!!
Points to know:
Chapter 1--
Scarcity, choice, opportunity costs
Trade--specialization, division of labor, increasing opportunity costs (Think of LeBron mowing his own lawn)
Production Possibilities Curve--relation to increasing opportunity costs, inefficiency
Chapter 3--
Demand curve--change in demand vs changes in quantity demanded
Factors that shift demand
Supply curve--change in supply vs changes in quantity supplied
Factors that shift supply
What is equilibrium?
How does equilibrium change with changes in demand/supply?
Surplus and shortage
Chapter 4--
Define elasticity
What is the formula for the coefficient? How is it calculated? (Don't forget the midpoint!)
Inelastic vs Elastic?
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