UB MGM 301 - exam 1 review sheet(1) (6 pages)

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exam 1 review sheet(1)



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exam 1 review sheet(1)

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Pages:
6
School:
University at Buffalo-SUNY
Course:
Mgm 301 - Principles Of Marketing
Unformatted text preview:

Economics Review Chapters 1 5 Chapter 1 List and be sure you understand the 7 principles from chapter 1 1 2 3 4 5 6 7 Chapter 2 What role does scarcity play in economics What is meant by the concept of opportunity costs and why is it so important in economics How does it differ from the normal concept of costs Understand how economics is a science and the importance of assumptions Understand the basics of the circular flow diagram Understand what the ppc shows and what concepts it illustrates What is the normal shape of the ppc and why is it shaped the way it is Distinguish between points inside ppc points on and points outside ppc What factors would cause a shift in the ppc both in and out Macroeconomics vs Microeconomics Positive vs Normal economics Chapter 3 Understand the difference between absolute and comparative advantage What is meant by comparative advantage and when does a country have it Understand how to illustrate the gains from trade Why do countries trade Chapter 4 Supply and Demand Understand what is meant by a competitive market Understand relation between Price and Quantity Demanded and Quantity supplied Understand the difference between a movement along the curve and a shift in the curves Understand the difference between an individual curve and a market curve Know and understand the different factors that shift both demand and supply Understand what is meant by equilibrium and why it is that the market always returns to an equilibrium ie shortages and surpluses Understand how changes in equilibrium come about and what happens if there is a change in demand supply or both Chapter 5 Elasticity o Understand the concept of elasticity what it measures and how to interpret it Understand the difference between elastic and inelastic goods and what factors determine the size of elasticity Know the midpoint method of calculating elasticity Understand how elasticity effects the slope of the demand curve Understand how elasticity changes along a linear demand curve Understand the relationship between elasticity and Total Revenue


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