Please help me those questions reviews for exam.

Explain the concept of scarcity.

What are the assumptions in economics?

Explain the difference between macroeconomics and microeconomics. Be able to give examples.

Explain the difference between normative and positive economics. Be able to give examples.

What's comparative advantage? What's absolute advantage?

What is opportunity cost? Be able to give examples.

Be able to do opportunity cost calculations. See

General Course Questions

What's constant opportunity cost? What is the shape of the curve of constant

opportunity cost?

What's increasing opportunity cost? What is the shape of the curve of increasing opportunity cost?

What is production probabilities frontier/curve? What are the economic concepts does it illustrate?

What are the characteristics of capitalism?

What are the characteristics of socialism?

Understand the circular flow diagram model. What's a factor (labor services) market? What's a goods and services market?

Explain the difference between households, businesses, and government in terms of the circular flow diagram model.

Define and explain the law of demand.

Explain the difference between the movement along the demand curve versus the shift in the demand curve.

Define and explain the factors that shift the demand curve.

What are the two effects to explain the law of demand?

Define and explain the law of supply.

Explain the difference between the movement along the supply curve versus

the shift in the supply curve.

Define and explain the factors that shift the supply curve.

Define and explain price ceiling and price floor. Give examples of price ceiling and price floor.

Study the simulation discussion questions. Explain these terms: shortage, surplus, excess supply, excess demand, and equilibrium.

Give definitions of elasticities: price elasticity of supply, price elasticity of demand, income elasticity of demand, and cross - price elasticity.

What does it mean to be perfectly elastic, elastic, unitary elastic, inelastic, and perfectly inelastic?

Explain the difference between normal and inferior goods.

Explain the difference between complements and substitutes.

Explain how elasticity affects total revenue.