Basic Economic Concepts: Scarcity, choice, opportunity cost, production possibilities curve, comparative advantage, specialization, and exchange
(Chapters 1 & 2)
Cornell notes or summary -- Campus of dreams: Bill it, and they will come? (10 pts.)
Cornell notes or summary -- A History Lesson (5 pts)
Cornell notes or summary -- True or False: College is Expensive (8 pts)
Due Jan 3 (typed) Cornell notes typing template courtesy of David Martin
UrbanPlan
Small in size, great in importance.
Supply and Demand: Market equilibrium, determination of supply and demand, price and quantity controls, elasticity (demand, supply, cross-price, income), and market efficiencies (Chapters 3, 5 & 6)
Consumer and Producer surplus, Tax incidence, International trade (tariffs), Theory of consumer choice: Total utility, marginal utility, utility maximization equalizing marginal utility per dollar, individual and market demand curves, income and substitution effects (Chapters 4, 7, 8 {pages 205 - 220} & 10)
Explicit and Implicit costs, Accounting Profit versus Economic Profit, marginal Analysis, Sunk costs, Production and costs: Production functions (short and long run), marginal product and diminishing returns, short-run costs, long-run costs and economies of scale, cost minimizing input combination (Chapter 9 {pages 225 - 239} & Chapter 12)
Firm behavior and market structure: Profit, perfect competition (Chapter 13)
Firm behavior and market structure: monopoly, oligopoly, monopolistic competition (Chapters 14, 15 [pages 387 - 401} & 16)
Factor Markets: Derived factor demand, marginal revenue product, labor market and firms' hiring of labor, market distribution of income (Chapter 20)
Market Failure and the Role of Government: marginal social benefit and marginal social cost, externalities, remedies, public goods, and income distribution
(Chapters 17 & 18)
Exam review materials for the big test.
