ECON 100 Test No 1 Topics
St. Charles Community College
ECO 100 Survey Economics
Spring Semester, 2011
Subjects Covered On Test No. 1
- Opportunity Costs
- The production possibilities curve.
- The law of increasing opportunity costs.
- Supply and Demand
- What is a demand schedule.
- What causes a demand curve to shift.
- What is a supply schedule.
- What causes a supply curve to shift.
- What is equilibrium in the micro sense.
- What is meant by consumer surplus.
- Excess supply and excess demand
- What causes excess supply and excess demand.
- What are the results of excess supply and excess demand.
- Utility theory
- What is marginal utility.
- The relationship between marginal utility and total utility.
- Why does the demand curve for a good or service have a negative slope.
- Maximizing utility.
- How marginal utility affect decision making.
- Price elasticity
- Definition of price elasticity.
- Calculation of price elasticity.
- How price elasticity affects product demand.
- The relationship of demand, price elasticity, and total revenue.
- What is the purpose of advertising