ECON 101 List of Concepts for Review
ECON 101 List of Concepts for Review
scarcity and tradeoffs
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ECON 101 List of Concepts for Review
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economic telecommunications system
prices as signals
profit/loss as signals
opportunity cost
explicit vs. implicit costs
accounting vs. economic profits
subjective theory of value
versus labor theory of value
cost-benefit principle
marginalism
incentives
no-cash-on-the-table principle
mutually beneficial trade
specialization & division of labor
comparative advantage
versus absolute advantage
production possibilities frontier (PPF)
law of increasing opp. cost
technical inefficiency
shifts in the PPF
supply & demand
determinants of S & D
demand vs. quantity demanded
supply vs. quantity supplied
shifts of S & D
equilibrium (P* and Q*)
simultaneous shifts of S&D
S&D across multiple markets
price controls
floors, ceilings
shortage, surplus
non-price & non-quantity effects
dead-weight loss (DWL)
taxes and tax incidence
consumers’ burden
producers’ burden
effect of relative slope/elasticity
wedge method
subsidies and subsidy incidence
short-run v. long-run
fixed and variable inputs
fixed costs and variable costs
average cost (AC or ATC)
marginal cost (MC)
long-run average cost (LRAC)
economies & diseconomies of scale
perfect competition
factors affecting competition
price-taking assumption
profit maximization
barriers to entry
monopoly and imperfect competition
marginal revenue
single-price assumption
welfare analysis of monopoly
dead-weight loss
effects of market concentration
monopolistic competition
product differentiation
oligopoly
prisoners’ dilemma
collusion/cartels/price-fixing
price discrimination
conditions for doing
first-, second-, third-degree
difference from cost explanations
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