ECON 1

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

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

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

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

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

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

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

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