1. What are the ten principles of economics?
2. What do the principles of economics say about the most important microeconomic issues such as incentives, opportunity cost and trade?
3. What is the definition of Economics? What do economists study?
4. What are the main characteristics of economic models?
5. What method do economists follow to design economic theory?
6. What is the quantity supplied?
7. What is the quantity demanded?
8. What are the benefits of free trade?
9. How is equilibrium in a market defined?
10. When can disequilibrium occur?
11. Are the interests of consumers the same as those of producers?
12. What is the definition of opportunity cost? Think of an example.
13. What problems can be caused by a price control like a price ceiling? A price floor?
14. Rent control is an example of what kind of price control? What are the consequences of it?
15. When the price of a product changes, what happens to the amount demanded? To the amount supplied?
16. What is consumer surplus? How is it calculated?
17. What is price gouging? What is a logical reason for its occurrence?
18. What is the definition of demand?
19. What is the definition of supply?
20. What is the difference between a change in demand and a change in quantity demanded?
21. What are examples of demand shifters?
22. What are examples of supply shifters?
23. What is the difference between a change in supply and a change in the quantity supplied?
24. What is the PPF?
25. What important concepts are illustrated by the PPF?
26. What is a tariff?
27. When a price floor is imposed, what are the consequences?
28. What is the definition of a market failure?
29. What is the definition of price elasticity?
30. When is a demand considered relatively elastic?
31. When is a demand considered relatively inelastic?