UNC-Chapel Hill ECON 101 - Exam 1 Study Guide (7 pages)

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Exam 1 Study Guide



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Exam 1 Study Guide

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Econ 101: Exam one study guide Chapters 1-6


Pages:
7
Type:
Study Guide
School:
University of North Carolina at Chapel Hill
Course:
Econ 101 - Introduction to Economics
Edition:
1

Unformatted text preview:

ECON 101 Study Guide Exam One Exam 1 CHAPTERS 1 6 Exam will include approximately 20 multiple choice questions Supply Demand The Basics Introduction to the Basics of Supply and Demand Three Questions What How How much Identify and describe the three major actors Give examples What is a market An area in which buyers and sellers exchange the goods and services o Where do they exist Give an Example o Define and describe the different types of markets Economies Define the following terms and provide an example to better assist with understanding 1 Market Economy 2 Capitalist Economy 3 Free Market Economy 4 Command Economy Circular Flow of Economy Describe the circular flow of economy Be sure to first define land labor and capital Opportunity Cost Opportunity Cost Of any economic decision is the foregone value of the next best alternative that is not chosen a combination of direct and imputed cost o Imputed Cost o Direct Cost Use the example of Going to College Identify the opportunity cost the direct cost and imputed cost Demand Desire is not equal to demand Demand desire ability to pay o Taste or preferences o Size of the population o Income of the average household o Distribution of income among household o Price of the commodity o Price of other commodities Goods o Substitutes o Compliments o Unrelated Normal Good Inferior Good Price quantity combination demand curve connected What is a demand curve Describe and provide the different behaviors of a demand curve The demand curve for a good connects points describing how much consumers a Actually bought at different prices during a particular period b Actually bought at different prices in different periods c Would have been willing and able to buy at different prices during a particular period d Would have been willing and able to buy at different prices in different periods What happens when there is a change in demand What happens when there is change in quanity demand Which of the following will not shift the



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