Eastwood's ECO284 Course Page

Review Concepts for 30-question national exam

The Basic Economic Problem:

·         Scarcity

·         Opportunity Cost

·         Choice

Markets & Price Determination:

·         Determinants of Supply and Demand

·         Utility

·         Elasticity

·         Price Ceilings & Floors

Theories of the Firm:

·         Revenues

·         Costs

·         Marginal Analysis

·         Market  Structures

Factor Markets:

·         Wages

·         Rents

·         Interest

·         Profits

·         Income Distribution

The Microeconomic Roles of Government in a Market Economy:

·         Public Goods

·         Maintaining Competition

·         Externalities

·         Taxation

·         Income Redistribution

·         Public Choice

International Economics:

·         Comparative Advantage

·         Trade Barriers

·         Exchange Rates

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