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Economics (MacroEconomics (Know all the definitions for words like GDP,…
Economics
MacroEconomics
Know all the definitions for words like GDP, GNI etc.
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Know the factors that will move AD and the factors that will move AS: trick: think of it like demand except on the large scale. AD is looking more at the consumers while AS is looking at the factors of production
Microeconomics
Diagrams: Supply, Demand, PPC/PPF curve, tax, price ceiling, price floor
Calculations: welfare loss, equilibrium point, finding a new supply equation, PED, XED, YED, PES
Know all the elasticities (PED, XED, PES, YED)
All Definitions in GGD: Supply, demand, externalities, opportunity cost, elasticity, negative externality, positive externality, welfare loss
Make sure that you are able to analyze for each concept from all parties perspectives and know how to evaluate: Consumers, Producers, Government and third parties (externalities)
Make sure that you have examples for every single concept & know how to explain the diagram well for every one of them
Know the reasons why Demand and supply would shift, but also know when it is just movement along the curve
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Don't forget the calculation sections! Those are all in the GGD but don't forget how to do it! REMEMBER new- old/old