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What is economics
Why is there Scarcity
Opportunity Cost
What does Oppo cost help us determine
Comparative Advantage
What are resources
Land Utilization Resources vs. Intelligence
Resources - Labor
Technology (economic term)
Capital
What are the assumptions of S/D
What are the three allocation mechanisms for resources
Allocation Mech - Market
What is a Spot Market
Liquidity
Allocation Mech - Command
Sustainability
Exogenous Shock
Endogenous Shock
What does exogenous variables do to endogenous variables
What are demand shifters
(Exogenous Shocks)
What are Supply Shifter
(Exogenous Shocks)
Why is the Demand curve sloping downward (What is the assumption)
Why is the Supply curve slope positive (What is the assumption)
Exogenous Shocks on Demand - Price of other goods
Exogenous Shocks on Demand - Income
What do this mean.
(P; pf, R, T)
Exogenous Shock - Price of Factors of Production
Comparative Statics
Steps for Comparative statics
