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Lecture Notes for ECON 200 - PRIN MICRO-ECONOMICS at Maryland (UMD)

Notes Information

Material Type:Review Sheet
Professor:Staff
Class:ECON 200 - PRIN MICRO-ECONOMICS
Subject:Economics
University:University of Maryland
Term:Fall 2007
Keywords:
  • Non-Binding Price Ceiling
  • Factor of Production
  • Marginal Changes
  • Rational People
  • Positive Statements
  • Common Resource
  • Law of Supply
  • The Law of Supply
  • Scarce Good
  • Theory Study
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Sample Document Text

Olivia S. Brice ECON FINAL EXAM REVIEW SHEET Chapter 1: Ten Principles of Economics (1) People face Trade-Offs (2) The Cost of Something is what you Give up to Get it (3) Rational People Think at the Margin (4) People Respond to Incentives (5)Trade Can Make Everyone Better Off (6) Markets are Usually a Good way to Organize Economic Activity (7) Government can sometimes Improve Market Incomes (8) A country’s Standard of Living Depends on It’s Ability to Produce Goods and Services (9) Prices Rise when the government prints too much money (10) Society Faces a Short-Run Trade-off between Inflation and Unemployment Scarcity- the limited nature of society’s resources Economics- the study of how society manages its scare resources Efficiency- the property of society getting the most it can from its scarce resources Equity-the property of distributing economic property fairly among the members of society Opportunity cost- whatever must be given up to obtain some item Rational people- people who systematically a...

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