BSSE Economics 1443 study plan

Define scarcity, opportunity cost, and the production possibilities frontier, and compute opportunity cost from a two-good table

Classify ten everyday examples as positive or normative statements and as micro or macro questions

Derive a demand schedule from given price-quantity data and sketch the curve with correctly labeled axes

Distinguish shifts of demand from movements along the demand curve across eight scenarios

Derive a supply schedule and identify the six non-price supply shifters with one example each

Solve for equilibrium price and quantity algebraically from paired linear demand and supply equations

Predict the direction of equilibrium price and quantity change for eight simultaneous-shift scenarios

Explain how a binding price ceiling and a price floor each create shortages or surpluses

Compute price elasticity of demand using both the midpoint formula and point elasticity from a linear equation

Interpret elasticity magnitudes and connect them to total revenue changes when price moves

Compute income elasticity and cross-price elasticity and classify goods from the signs

Apply diminishing marginal utility and the equi-marginal rule to choose an optimal consumption bundle from a table

Build a short-run cost table computing total, average, and marginal cost from output and total cost data

Graph average total, average variable, and marginal cost and explain why marginal cost crosses the averages at their minimums

State and apply the profit-maximizing rule of marginal revenue equaling marginal cost

Distinguish accounting profit from economic profit using an explicit versus implicit cost example

Compare perfect competition, monopolistic competition, oligopoly, and monopoly on entry barriers, pricing power, and long-run profit

Determine whether a firm in each structure earns, breaks even, or exits in the long run from cost and revenue data

Explain marginal revenue product and derive a firm's labor demand curve from a production table

Compute how a wage change or output price change shifts labor demand and identify who bears the incidence of a payroll tax

Classify at least ten scenarios as negative externality, positive externality, public good, or common resource

Evaluate corrective taxes, subsidies, tradable permits, and direct regulation against a stated externality problem

Compute GDP using both the expenditure and income approaches from one data set and reconcile the totals

Distinguish nominal from real GDP and compute a simple price index and inflation rate from base-year data

Define the functions of money and compute the money multiplier from reserve and currency ratios

Trace how an open-market operation changes bank reserves, the money supply, and the interest rate through the money market diagram

Distinguish the tools of monetary policy and state when each is most appropriate

Explain the transmission from interest rate changes to investment, aggregate demand, and output

Assemble a one-page formula sheet covering elasticity, cost, profit, multiplier, and GDP identities

Complete two timed mixed-domain practice sets and log every missed question by domain

Re-teach the three weakest domains aloud or in writing without notes

Rank all nine domains by confidence and schedule targeted review for the lowest three