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Comprehensive Review of Microeconomics Chapters 1-6: Key Concepts and Principles

This review covers the essential concepts of microeconomics outlined in Chapters 1-6. It begins with foundational definitions and explores topics such as scarcity, trade-offs, efficiency versus equality, and opportunity costs. Further, it introduces the scientific methodology in economics, the circular flow model, and factors of production. Key discussions on the production possibility frontier, demand and supply dynamics, price elasticity, and market interventions such as price ceilings and floors are included. Perfect for exam preparation and understanding critical economic principles.

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Comprehensive Review of Microeconomics Chapters 1-6: Key Concepts and Principles

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  1. ECN 221 Microeconomics First Exam Review

  2. Chapter 1 [7] • The study of Economics, Definitions • Scarcity, Trade-offs • Efficiency versus Equality • Opportunity Costs • Inflation and Unemployment

  3. Chapter 2: [8] • Economics as Science – Scientific Method • Purpose of models • Rationale for assumptions • Circular Flow Model • Factors of Production • Capital

  4. Chapter 3: [11] • Production Possibility Frontier, Problems • Opportunity Cost Measurements (e.g. like the farmer-rancher) • Comparative Advantage • Specialization • Rationale for Trade

  5. Chapter 4: [10] • Demand, Supply, Equilibrium • Competitive Markets, Monopoly • Deriving the Market Demand Curve • Individual Demand and Market Demand – analysis of tabular schedules, graphs

  6. Chapter 5: [8] • Price Elasticity of Demand • Elastic, Inelastic PED • Necessities versus Luxury Goods (elasticities) • Formula for computing PED (basic) • Interpreting demand schedules (slopes)

  7. Chapter 6: [6] • Price Ceilings, Price Floors – impact on D, S • Impact of Taxes on S, D, Elasticity • Graph problem • ceiling, floor, and equilibrium • surplus or shortage, binding, non-binding

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