Economics 101
Dr. Merrill
Economics Department
Economics 101
Chapter 1
Economics
Economic Systems
Why Study Economics ?
Practical Economists
How Economists Think
What Economists Do
Economic Science
Economic Policy
Microeconomic Goals
Macroeconomic Goals
Government’s Role
The Economic Method
Economic Models
Economic Tools
More Tools
Graphs
Markets
Market Units
Specialization
Resources
Circular Flows
Economic Rights
Chapter 2
Two-Variable Graphs
Scatter Diagrams
Time-Series Graphs
Cross-Section Graphs
Graphs of Models
Slope
Maximum & Minimum
Cost Curves
> 2 Variable Graphs
Chapter 3
Production Possibilities
PPF Concepts
Economic Efficiency
Increasing Costs
Opportunity Cost
Specialization
Comparative Advantage
PPFs & Costs
Trade Benefits
Consumption Possibilities
Economic Growth
Absolute Advantage
Trade Requirements
Chapter 4
Markets
Market Prices
Prices
Opportunity Cost
Law of Demand
Demand Functions
Demand Factors
Related Goods
Demand Changes
Law of Supply
Supply Functions
Supply Factors
Supply Changes
Equilibrium Prices
Market Equilibrium
Equilibrium Changes
Advertising
Increase in Demand
Fixed Supply
Increase in Supply
Both S & D Increase
Chapter 5
OPEC Revenue
Total Revenue: 1
Total Revenue: 2
Price Elasticity: 1
Price Elasticity: 2
Price Elasticity: 3
Revenue & Elasticity
Using Elasticities: 1
Using Elasticities: 2
Using Elasticities: 3
Income Elasticity: 1
Income Elasticity: 2
Income Elasticity: 3
Cross Elasticity: 1
Cross Elasticity: 2
Supply Elasticity: 1
Supply Elasticity: 2
Supply Elasticity: 3
Price Elasticity #’s