Study Guide
Economics 1A
Chap 1-3,18

The test will be about:
20% vocabulary
15% graphing
5%   calculating elasticity
10% short answers
20% true and false
30% multiple choice

Topics will mainly relate to the following:

Vocabulary and definitions from all chapters
Graphing the equilibrium and the changing equilibrium of supply and demand
Scarcity and choice
Human capital
Theories (models) as abstractions.
The factors of production
Examples of opportunity cost
Fallacy of composition and definition of ceteris paribus clause.
The difference between micro and macro economics
Consumers and producers surplus
Mixed economy vs socialism vs pure capitalism
The difference between changes in demand and changes in the quantity demanded
Normal goods versus inferior goods
Substitutes vs compliments
Factors that cause the demand and supply curves to shift
Price ceilings and price floors
+Calculating the Point Elasticity of demand
Identifying an elastic, inelastic and unit elastic demand curve
Relating total revenue to elasticity of demand
Factors influencing elasticity
Income elasticity of demand and  cross elasticity of demand
            Good Luck!