Tuesday, March 30, 2010

EC 443/553 -- Preparation for class Wed

Based on the first class survey and several questions and comments I received during the break, I think we need to do some basic review. So before class on Wednesday please review the following concepts (google them, look them up in wikipedia, or in old textbooks you may have lying around):

Supply and Demand
Price elasticity
Income elasticity
Market equilibrium
Consumer and Producer Surplus
Deadweight Loss
Marginal Cost
Marginal Benefit
Marginal Utility
Diminishing Marginal Utility
Market Failure
Public Good/free rider problem
Moral Hazard
Adverse Selection

Gross Domestic Product (GDP)
Economic Growth

Check back later, I may add more as I think of them.

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