Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 2

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. Each number in the following list refers to the question number on Exam 1 that will test your knowledge of that specific learning objective. Each of these topics/learning objectives is discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by working through MyEconLab assignments connected to any of these objectives.

 

  After reading this chapter, you should be able to:

  1. Define and understand of the concept of scarcity.
  2. Explain and distinguish between the factors of production.
  3. Understand the difference between wants and needs and the concept of economic goods.
  4. Explain the idea of opportunity cost.
  5. Understand the production possibilities curves.
  6. Understand the production possibilities curve.
  7. Discuss the idea of efficiency and inefficiency and the idea of increasing additional cost.
  8. Discuss economic growth and the trade-off between consumption and capital goods.
  9. Explain absolute and comparative advantage.
  10. Discuss specialization, division of labor and trade between nations.