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Economics
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Unit 1 Review Ch. 1-5 Chapter 1 Chapter 5 Rational Behavior Product vs. Resource (Factor) Market Scarcity Normative v. Positive Economics Economic Goals (8) Macroeconomics v. Microeconomics Tradeoff Ceteris Paribus The Last Word (end of chapter) Chapter 2 Factors of Production Production Possibilities Curve (Assumptions, points on graph, etc.) Opportunity Cost Law of Increasing Opportunity Cost Full Production v. Full Employment Productive Efficiency and Allocative Efficiency Where does AE occur??? MB, MC? Chapter 3 Demand Law of Diminishing Marginal Utility Substitution Effect Income Effect Law of Demand

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