Dr. Greenlaws ECON 201

Here are the concepts from Topic 1 that you indicated in your minute papers  you don’t fully understand yet.  They are ranked by frequency.  The most often mentioned is number 1, the next most often is number 2, etc.  We will go over these topics in class today!

• Production Possibility Curve
• Opportunity Cost
• Economics in the liberal arts & sciences
• Market Failure (a micro topic)
• Free vs Economic Goods
• Rule of Rational Choices: Incentives Matter!
• Comparative Advantage (a micro topic)
• Marginal Decision Making
• Positive vs Normative Reasoning
• Ceterus Paribus
• The Economic Problem
• The Distribution Question
• Price Floors and Ceilings (we’ll talk about this next week)
• Command Economy (we’ll talk about this in two weeks)
• Underground Economy
• Circular Flow Diagram
• Careers in Economics?