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CHAP 1 Scarcity, Three Key Economic Ideas, Positive/Normative Analysis CHAP 2 PPF, Opportunity Cost, Comparative Advantage CHAP 3 Demand, Supply, Substitutes/Complements, Normal/Inferior Goods, Movement along the curve, Shift in the curve, Surplus, Shortage and Equilibrium CHAP 4 CS, PS, TS, Welfare analysis, Efficiency, Price Ceiling, Price Floor, Tax CHAP 6 E_price, Necessities/Luxuries, Determinants, TR, E_income, Normal/Inferior Goods, E_cross, Substitutes/Complements, E_supply CHAP 9 Diminishing MU, Optimal Consumption CHAP 10 Economic Costs/Accounting Costs, SR: (A)TC = (A)FC+(A)VC, MC/ATC, Increasing MC, LRATC: (dis)economies of scale CHAP 11 Price Taker, P=MR=MC, SR: Profit/Loss, Shut down, LR: Entry/Exit, Zero Economic Profit, Efficiency CHAP 14 Price Maker, Causes, P>MR=MC, Inefficiency CHAP 12 Product Differentiation, SR: P>MR=MC, Excess Capacity, Markup over MC, LR: Demand More Elastic, Zero Economic Profit CHAP 5 Pos/Neg Externalities, Private/Social B(C), Optimal Pollution Reduction, Coase Thm, Four Categories of Goods, Tragedy of Commons ECO211 FINAL REVIEW

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Page 1: Scarcity…ztancs.weebly.com/uploads/1/3/8/0/13809576/eco211review.pdf · Scarcity,!Three!Key!Economic!Ideas,!Positive/Normative!Analysis!! CHAP!2!! ... CS,!PS,!TS,!Welfare!analysis,!Efficiency,!Price!Ceiling,!Price!Floor,!Tax!!

!CHAP!1!!Scarcity,!Three!Key!Economic!Ideas,!Positive/Normative!Analysis!!CHAP!2!!PPF,!Opportunity!Cost,!Comparative!Advantage!!CHAP!3!!Demand,!Supply,!Substitutes/Complements,!Normal/Inferior!Goods,!Movement!along!the!curve,!Shift!in!the!curve,!Surplus,!Shortage!and!Equilibrium!!CHAP!4!!CS,!PS,!TS,!Welfare!analysis,!Efficiency,!Price!Ceiling,!Price!Floor,!Tax!!CHAP!6!!E_price,!Necessities/Luxuries,!Determinants,!TR,!E_income,!Normal/Inferior!!Goods,!E_cross,!Substitutes/Complements,!E_supply!!CHAP!9!!Diminishing!MU,!Optimal!Consumption!!CHAP!10!!Economic!Costs/Accounting!Costs,!SR:!(A)TC!=!(A)FC+(A)VC,!MC/ATC,!Increasing!MC,!LRATC:!(dis)economies!of!scale!!CHAP!11!!Price!Taker,!P=MR=MC,!SR:!Profit/Loss,!Shut!down,!LR:!Entry/Exit,!Zero!Economic!Profit,!Efficiency!!CHAP!14!Price!Maker,!Causes,!P>MR=MC,!Inefficiency!!CHAP!12!Product!Differentiation,!SR:!P>MR=MC,!Excess!Capacity,!Markup!over!MC,!LR:!Demand!More!Elastic,!Zero!Economic!Profit!!CHAP!5!Pos/Neg!Externalities,!Private/Social!B(C),!Optimal!Pollution!Reduction,!Coase!Thm,!Four!Categories!of!Goods,!Tragedy!of!Commons!

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