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Test 1 - Term and Concept - Principles of Microeconomics | ECN 143, Exams of Microeconomics

University of Alabama - HuntsvilleMicroeconomics

Material Type: Exam; Class: PRINC OF MICROECONOMICS; Subject: Economics; University: University of Alabama - Huntsville; Term: Unknown 1989;

Typology: Exams

Pre 2010

Uploaded on 07/23/2009

koofers-user-au3
koofers-user-au3 🇺🇸

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ECN 143 Test 1 Terms and Concepts
Classical Economists
Adam Smith
David Ricardo
Thomas Malthus
Karl Marx
Chapter 1
Economic Models
Markets
Chapter 2
Opportunity cost
Increasing/constant opportunity cost
Production possibility frontier
Prices and the efficient allocation of
resources
Chapter 3
Law of demand and supply
Market equilibrium
Shortage/surplus
Price ceiling/price floor
Supply-demand market model
Determinants of demand and supply
Normal good/inferior good
Substitute goods/complementary goods
Chapter 4
Marginal utility
Law of diminishing marginal utility
Optimal purchase rule
Consumer’s surplus
Chapter 5
Price elasticity of demand
Elastic/inelastic demand
Income elasticity of demand
Cross-price elasticity of demand

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ECN 143 Test 1 Terms and Concepts Classical Economists Adam Smith David Ricardo Thomas Malthus Karl Marx Chapter 1 Economic Models Markets Chapter 2 Opportunity cost Increasing/constant opportunity cost Production possibility frontier Prices and the efficient allocation of resources Chapter 3 Law of demand and supply Market equilibrium Shortage/surplus Price ceiling/price floor Supply-demand market model Determinants of demand and supply Normal good/inferior good Substitute goods/complementary goods Chapter 4 Marginal utility Law of diminishing marginal utility Optimal purchase rule Consumer’s surplus Chapter 5 Price elasticity of demand Elastic/inelastic demand Income elasticity of demand Cross-price elasticity of demand