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Microeconomics Exam I Study Guide: Principles, Models, and Market Analysis

Study Guide - Learn with Videos

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Marginal Analysis

Scarcity and Choice

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

PPF - Comparative Advantage and Absolute Advantage

PPF - Comparative Advantage and Trade

    Circular Flow Diagram

    Positive and Normative Analysis

    Movement Along a Demand Curve

    Movement Along a Supply Curve

    Shifts in the Demand Curve

    Shifts in the Supply Curve

    Market Equilibrium

    Consumer Surplus and Willingness to Pay

    Producer Surplus and Willingness to Sell

    Economic Surplus and Efficiency

    Effects of Surplus

    Effects of Shortage

    Price Ceilings, Price Floors, and Black Markets

    Four Types of Goods and Two Characteristics