Download BCC - Macro Exam #1 Review

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Document related concepts
no text concepts found
Transcript 
BCC Macroeconomics
Exam #1 – Ch. 1-4 Review Sheet
Definition of Economics, Macroeconomics
Scarcity- where does it exist?
Resources – land, labor and capital
Association v. causation
Positive v. Normative statements
3 basic economic questions – What? How? For Whom?
Opportunity cost
Productions possibility curve – efficiency, unattainable
Law of demand – price and quantity demanded
- non-price determinants and effects – shifts in demand
Law of supply - price and quantity supplied
- non-price determinants and effects – shifts in supply
Graphing demand and supply –
- demand and supply schedule
- changes in price
- non-price changes
*don’t forget labels when graphing
Related documents