Division of labor Scarcity (meaning and effects of) Specialization Circular flow PPF curve problems, see PPF curve below. Understand how to calculate opportunity cost of choosing to produce at one point on the curve versus another point. Opportunity cost Jeremy Bentham Law of diminishing marginal utility Rolling Stones concerts and fixed supply related back to the market Demand/supply curve shift factors and scenarios (new equilibrium is established) Consumer and producer surplus calculations, see graph below. Understand how to calculate shortage, surplus and understand what equilibrium means. Price ceiling/floors and deadweight loss (see figure 3.24 from textbook below.) Review it in the book and be able to identify what is happening when the price ceiling and price floor are enacted. Concepts from International Trade Administration: US Exporting and Importing Companies Link provided in Modules, Choices in a World of Scarcity. How many US companies were engaged in goods trade in 2016? SMEs accounted for ___% of exporters. SMEs accounted for ____% of importers. The Top 3 SME Exporter Markets in 2016 were _____,____,_____