Unit 1 Review

1. What are resources? 
2. What is scarcity? 
3. Normative vs. Positive statements 
4. Define Opportunity Cost. 
5. Macroeconomics vs. Microeconomics? Examples 
6. Parts of a Production Possibilities Graph. 
7. Absolute advantage vs. Comparative advantage. 
8. Supply and Demand. Movement along a curve vs. shifting of the curve. 
9. What causes movement, What causes shifting? 
10.Compliments, Substitutes, Normal Goods, Inferior Goods. 
11.Price Ceilings vs. Price Floors