ECON 0100: Intro Microeconomic Theory
School: University of Pittsburgh (Pitt )
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From: GradeBuddy Pages: 3Explain why goods with external benefits lead to inefficient underproduction and how public choices can achieve allocative efficiency -
From: GradeBuddy Pages: 5Explain why some choices are public choices and how they are made in a political marketplace Explain how the free-rider problem arises and how the quantity of public goods is determined -
From: GradeBuddy Pages: 3Explain and evaluate arguments used to justify restricting international trade -
From: GradeBuddy Pages: 3Explain how markets work with international trade Identify the gains from international trade and its winners and losers Explain the effects of international trade barriers -
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From: GradeBuddy Pages: 5Explain how a minimum wage law creates unemployment Explain the effects of a tax Explain the effects of production quotas and subsidies Explain how markets for illegal goods work -
From: GradeBuddy Pages: 5Explain the conditions under which markets are efficient and inefficient Explain the main ideas about fairness and evaluate claims that markets result in unfair outcomes Explain how a rent ceiling creates a housing shortage Explain how a minimum wage law creates unemployment -
From: GradeBuddy Pages: 4Describe the alternative methods for allocating scarce resources Explain the connection between demand and marginal benefit and define consumer surplus; and explain the connection between supply and marginal cost and define producer surplus -
From: GradeBuddy Pages: 4Define, calculate, and explain the factors that influence the price elasticity of demand Define, calculate, and explain the factors that influence the income elasticity of demand and the cross elasticity of demand Define, calculate, and explain the factors that influence the elasticity of supply -
From: GradeBuddy Pages: 2Explain how demand and supply determine prices and quantities bought and sold Use the demand and supply model to make predictions about changes in prices and quantities -
From: GradeBuddy Pages: 3Explain the influences on supply Explain how supply determines prices and quantities bought and sold -
From: GradeBuddy Pages: 4Describe a competitive market and think about a price as an opportunity cost Explain the influences on demand -
From: GradeBuddy Pages: 2Define economics and distinguish between microeconomics and macroeconomics Explain the two big questions of economics -
From: GradeBuddy Pages: 3Define the production possibilities frontier and use it to calculate opportunity cost Distinguish between production possibilities and preferences and describe an efficient allocation of resources Explain how current production choices expand future production possibilities Explain how specialization and trade expand production possibilities -
From: GradeBuddy Pages: 2Explain the key ideas that define the economic way of thinking Explain how economists go about their work as social scientists and policy advisers -
From: GradeBuddy Pages: 2Define economics and distinguish between microeconomics and macroeconomics Explain the two big questions of economics -
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