Nuwal was on time to class today. I believe we’ll spend most of this class reviewing for the test next Tuesday, but time will tell.We left off last time with elasticity. Nuwal just said that he doesn’t think he can finish elasticity today, so he won’t be including it in the test.
Things on the test:
- Decisionmaking,
- alternatives,
- choices,
- resources,
- factors of production,
- the definition of economics,
- microeconomics,
- macroeconomics,
- positive economics,
- normative economics,
- opportunity cost,
- production possibility (including PP Curve, PP Frontier, PP Table),
- law of increasing opportunity cost,
- utility,
- total utility,
- marginal utility,
- diminishing marginal utility,
- optimizing rule/maximizing rule/equimarginal utility,
- consumer surplus,
- demand,
- law of demand,
- demand schedules,
- demand curves,
- individual demand vs. market demand,
- factors affecting demand,
- price demand, income demand,
- normal vs. superior vs. inferior goods,
- cross demand,
- independent vs. substitute vs. complementary goods
- change in quantity demanded vs. change in demand
- supply
- law of supply
- Factors affecting supply
- Change in quantity supplied vs. change in supply
- equilibrium between demand and supply
40 to 60 questions on test. Normally there will be more questions on the test than are needed to score 100%. Extra questions do not provide bonus points, they just offset wrong answers.
Looks like there won’t be any new content today.