ECON 2143 Basic Economics Exam A (Chs. 1-part of Ch. 3 thru p.

.58, and other); 2/2 (Th) in class only

Concept Application 1. Scarcity 1. Have to give up to get 2. Economizing 2. Selecting the best combination 3. Unseen 3. Illustrating the taken-for-granted aspects of market behavior 4. Econ way of thinking 4. Economizing actions, interactions, consequences 5. Bias of econ 5. Choices, by individuals, weighing E(costs) vs. E (benefits) 6. Wealth is what you value 6. Trade creates wealth; more than treasure or money 7. Efficiency 7. Technical, economic, and how you value, with property rights 8. Rules of the game 8. Legal rights of use & transfer do guide choices 9. Production tradeoffs 9. Production possibilities (within, on, or beyond & expand) 10. Production rules 10. Division & specialization: straight pin & cocoa examples 11. Cooperation & market ordering 11. Part of seen/unseen: highways, pencils, everyday objects 12. Transaction costs 12. Middlemen reduce; middlemen create information 13. Markets 13. Signals, cooperation & competition, discovery 14. General markets 14. St. Louis Fed podcast on self-interest & competition (syllabus) 15. Demand 15. St. Louis Fed Podcast on demand (syllabus link w/transcript) 16. Smiths Invisible Hand 16. Pursuing interests that promote well-being of others w/o intention 17. Demand vs. Qd 17. Moving along d; observation of the inverse relation of PQd 18. Demand shifters 18. D due to shifters): Psubs, Pcomp, Pexp, I, t, 19. Intuition and P 19. Similar to the notion of the degree of knocking on a door 20. Graph interpretation 20. D (change in Demand) to the Right is MORE & to the Left is LESS

An extra review session (aside from our regular times each class period) is scheduled for 2/1(W) 6:007:30 p.m., in WCOB 238
From earlier posting for Exam A (Chs. 1-3 (thru p. 58), and other). (1) Turn each major text heading into questions and answer them (2) Try or retry selected thought questions in Ch. 1 (#1, #2, #7, adding #8), Ch. 2 (#2, #6, #16), and Ch. 3 (#3, #4, #5) (3) Read and mark the once over lightly part of each of our first three chapters (4) Review our classroom auction by listing the rules of the game, the subsequent actions, and connect to the observations drawn in class (5) How were your SI explanations, discussion, and questions? How do they fit into our understanding of likely FAQs? List five likely FAQs. (6) Check or re-check with your study buddies from class Thanks -