Microeconomics - Unit 1:  Basic Principles of Economics

MICRO UNIT 1 KEY STUDY GUIDE TERMS & CONCEPTS

Adam Smith

Invisible Hand Theory 

Behavioral Economics

Incentives

Scarcity 

Rational Decisions

trade-offs

Opportunity Cost

Law of Increasing Opportunity Cost

Marginal Analysis

Macroeconomics vs. Microeconomics

Positive vs Normative Statement

Efficiency vs. Equity 

Allocative Efficiency

Pareto Efficiency

Productive Efficiency

Circular Flow Diagram 

Households and Firms

Product Market vs Factor Markets

Comparative Advantage

Absolute Advantage

Specialization and Gains from Trade

imports and exports

Production Possibilities Frontier Graph 

POWERPOINTS & NOTES
ASSIGNED WORK
EXTRA HELP RESOURCES
UNIT CONCEPTS IN MEDIA

Movies #1:  Star Wars

Movies #2:  PPC and Monster's Inc.

Rational Choice Making  - Big Bang Theory

Command Economy - LEGO MOVIE

Instructor:  Mr.Magnani
 Kevin_Magnani@wrsd.net