The following material will be included in the final exam:
Chapter 1: Basic economic question [page 1-12]
Section 1: What is the economic problem
Section 2: Opportunity cost: the cost of choice
Section 3: What is economics for?
Section 4: Choice: a conflict of interest
Chapter 2: specialization and exchange [page 13-16]
Section 1: What is an economy
Section 2: Production, consumption and exchange
Section 3: Resources: the factors of production
Section 4: What do resources produce
Chapter 3 : economic systems [page 31-48]
Section 1: Coping with scarcity
Section 2: What, how and for whom to produce ?
Section 3: Providing answers to what, how and for whom?
Section 4: The market economic problem
Section 5: Planned economies
Section 6: The mixed economic system
Chapter 12: organizing production [page 204-210]
Section 1: What is production?
Section 2: The aims of production
Chapter 7: how prices are determined [page 104-108]
Section 1: What is demand?
Please review all notes, class handouts and assignments.
Please visit the class site at https://sites.google.com/a/asg.edu.jo/violet-bawab/ for solved handouts and class / lesson presentations.
Be sure to bring a calculator with you to the test in the case you might need it.
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