Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 22

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 2 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 what is meant by Economic Rent and explain what role it plays in economic theory.
  2. Understand the function of firms and the role that profits/losses play in functioning of business firms.
  3. Discuss what a proprietorship is and explain its strengths and weaknesses.
  4. Discuss what a partnership is and explain its strengths and weaknesses.
  5. Discuss what corporation is, how it differs from proprietorships and partnerships, and explain its strengths and weaknesses.
  6. Explain what interest is and what the interest rate is, and explain the role it plays in business decision making.
  7. Define what is meant by present value and be able to do rudimentary calculations of present value.
  8. Explain the various ways available to finance corporate activity.
  9. Understand the role markets for stocks and bonds play in the economy and in connection to corporate financing.
  10. Define and explain the concept of efficient markets.