ECON 1

Review Sheets

Answers can be found on the last page(s) of the documents. 

1: Introduction to Econ & Opportunity Costs 

Topics: Opportunity cost, Sunk Cost, Marginal Principle, Interdependence Principle.

CLAS Econ 1 Review Sheet 1

Please note that answers can be found on the last pages of the document. 

2: Marginal Benefit 

Topics: Marginal Benefit, Willingness to pay/produce, Supply and Demand.

CLAS Econ 1 Review Sheet 2

3: Equilibrium 

Topics: Equilibrium, Demand Shifters vs Supply Shifters, Elasticity.

CLAS Econ 1 Review Sheet 3

4: Equilibrium Disruptors I

Topics: Tax vs Subsidy, Shortage vs Surplus, Price Floor vs Price Ceiling, Quota vs Mandate.


CLAS Econ 1 Review Sheet 4

5: Equilibrium Disruptors II

Topics: Shortage vs Surplus, Price Floor vs Price Ceiling, Quota vs Mandate.


CLAS Econ 1 Review Sheet 5

6: Consumer & Producer Surplus

Topics: Surplus (Consumer, Producer, Economic), Criticisms of Economic Efficiency, Absolute Advantage vs Comparative Advantage, Roles of Prices, Internal Markets.


CLAS Econ 1 Review Sheet 6

7: Comparative Advantage

Topics: Determinants of Comparative Advantage, Trade, Market Failure, Externalities.


CLAS Econ 1 Review Sheet 7

8: Different Markets

Topics: Rational Rule for Employees & Employers, Labor Demand, Labor Supply, Monopoly/Monopsony, Personnel Economics. 


CLAS Econ 1 Review Sheet 8

Extra Practice Problems for Week 8

CLAS Econ 1 Review Week 8 Practice Problems

9: Applied Microeconomic Analysis

Topics: Permanent Income, Intergenerational Immobility, Absolute vs Relative Poverty, Social Insurance, Adverse Selection, Redistribution.


CLAS Econ 1 Review Sheet 9

Extra Practice Problems for Week 9

CLAS Econ 1 Review Week 9 Practice Problems

Practice Exams

Tutor-Specific Resources

UCSB CLAS ECON & STATS