Premium Essay

Profesor Slokin Midterm 1 Study Guide

In: Business and Management

Submitted By michelleong8
Words 910
Pages 4
• Scarcity o Definition: situation in which unlimited wants exceed the limited resources available to fulfill those wants
• Marking choices, we assume that: o People are rational o They respond to economic incentives o Optimal decisions are made at the margin
• Marginal o Definition=next unit o Marginal cost=cost for next unit o Marginal benefit=benefit for next unit
• Opportunity cost o Definition= highest valued alternative that must be given up to engage in an activity
 WHAT MUST BE GIVEN UP o Lwer opportunity cost= comparative advantage= aka they give up less so should do the duty o Ex: father has kids sweep the shop for him. He can do it if he wanted to, but gives up more because there are other things he could be doing. Since kids have nothing else to do, they give up lessss bc their time is less valued o How it comes up and how it’s used
• Capital
• Factors of production  o Land o Labor o Capital o Entrepreneurship
 Risk taker
• Positive vs. normative o Positive= what is o Normative= what ought to be
• PPF(Productions possibility frontier) o Why is it curved, and not linear? o CURVED BC LAW OF INCREASING MARGINAL OPPORTUNITY COSTS BC
• Comparative advantage o Refer to handout o Practice ivy’s method!
• Circular flow o Memorize! o Not orange and green one, simplified one o What do the boxes stand for? o What flows from and out of each box?
• ADAM SMITH o His book, title and deets about it o Entire title! o “INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF THE NATIONS”
 Main concepts
• 1) Pin Factory o Division of labor! o Essentially, if labor divided in which every worker specializes in what the…...

Similar Documents

Premium Essay

History Study Guide 1

...Study Guide 1 – Reconstruction The 13th Amendment to the United States Constitution officially outlaws slavery and involuntary servitude, except as punishment for a crime. The 14th Amendment to the United States Constitution is one of the post-Civil War amendments and it includes the Due Process and Equal Protection Clauses. It defines who is a citizen of the US. The 14th amendment states that states must provide equal protection to all people. The Fifteenth Amendment (Amendment XV) to the United States Constitution prohibits each government in the United States from denying a citizen the right to vote based on that citizen's "race, color, or previous condition of servitude" (for example, slavery). The Civil Rights Act of 1866, 14 Stat. 27, enacted April 9, 1866, is a federal law in the United States that was mainly intended to protect the civil rights of African-Americans, in the wake of the American Civil War. The Act was enacted by Congress in 1865 but it was vetoed by President Andrew Johnson. The Freedmen's Bureau Bill, which created the Freedmen's Bureau, was initiated by President Abraham Lincoln and was intended to last for one year after the end of the Civil War. Andrew Johnson (December 29, 1808 – July 31, 1875) was the 17th President of the United States (1865–1869). As Vice President of the United States in 1865, he succeeded Abraham Lincoln following his assassination. Johnson then presided over the initial and contentious Reconstruction era......

Words: 644 - Pages: 3

Premium Essay

Nt1210 Midterm Study Guide

...NT1210 Midterm Study Guide * The term troubleshooting refers to finding a problem and evaluating it so that corrective action can be taken. * Extensive digitization is a process that began in the 1960s. * Networks have more than just a physical component. * International standards-setting bodies can affect standards established in the United States. * A bus topology does not form a closed loop. * The bit interval is the duration it takes a single bit to be transmitted. * Data communications is a subset of telecommunications. * Data can include or convey graphic images, sound, or video files. * The physical layers of the OSI and TCP/IP models are very similar. * The data communications phase associated with digitization is the first phase. * The portion of an IP address from which bits are borrowed when subnetting is the host. * The transport layer ultimately passes data up to the application layer. * A MAC address is associated with the Data Link Layer. * An IP address is associated with Network Layer. * Twisted pair, Coaxial and Fiber Optic are types of cable * The capacity of a circuit to carry data is its bandwidth. * A 32-bit bus can handle four times the data bits as an 8-bit bus. * LAN resources might include software, hardware and data. * Data bits are frequently passed through pins in a connector. * Synchronous protocols are the type of data link protocols primarily used to......

Words: 355 - Pages: 2

Free Essay

Imed1416 Midterm Study Guide

...entities do not exist for all of the characters in Unicode. | | | | | |   | The ____________________ element is used for grouping elements that explain parts of the document. | | | | | |   | All browsers can handle manually added quotation marks, and will surround the resulting text with only one set of quotation marks. | | | | | |   | The standardized character set composed of characters from many of the world’s languages is known as ____________________. | | | | | | | | | | |   | The <del> and <ins> are special XHTML elements in that they can both act as inline and block-level elements. | | | | | | | | | ------------------------------------------------- question 1 0 out of 2.85714 points The least important style formatting is the Web browser’s ____________________ style settings. Selected Answer: footer 0 out of 2.85714 points The W3C CSS Validation Service is primarily used for ____________________ style sheets. Selected Answer: cascading 2.85714 out of 2.85714 points CSS is somewhat problematic because it provides fewer design and formatting capabilities than are available with standard HTML and XHTML elements and attributes. Selected Answer: False 2.85714 out of 2.85714 points Whether a length unit is used for positioning or sizing is dependent on the property and the element to which it is assigned. Selected Answer: True 0 out of 2.85714 points The......

Words: 7433 - Pages: 30

Premium Essay

Auo 1 Study Guide

...11/15/2013 Western Governors University AUO1 – Auditing and Information Systems Additional Study Questions/ Study Guide 1. Accounting Information Systems Competency 302.1.1: Nature and Purpose The student understands the nature and purpose of information systems. * What is the difference between transaction processing systems, management information systems, and decision support systems? 2. Transaction processing systems - document financial activities 3. Management information systems - used to collect qualitative as well as quantitative information for decision making within organizations 4. Decision support systems - help the developers of an AIS identify what information they need for their planning, decision making, and control functions * How is a flowchart used? 5. A document flowchart traces the physical flow of documents through an organization—that is, the flow of documents from the departments, groups, or individuals who first created them to their final destinations. * How is the accounting information system documented? 6. An accounting information system is a collection of data and processing procedures that creates needed information for its users. An information system's components: Data or information is input, processed, and output as information for planning, decision-making, and control purposes. 1. Data flow diagrams provide both a physical and a logical view of a system, but......

Words: 12288 - Pages: 50

Free Essay

Study Guide Exam 1

...Dr. Lane Study Guide for Exam #1 Feb 2014 In brief, Exam #1 will cover two broad areas: (1) Everything we have covered in class on the Pentateuch. (2) The nature of covenants, and which OT covenant is which, so far. Here are the handouts the exam will cover: #12.2 Genesis 1–4, Creation & the Fall The exam will not ask about the different views of creation, but the other material is testable. #14 Essential Passages in the Pentateuch #16 Basic Nature of OT Covenants & ANE Treaties #17 Thirteen Propositions Re: . . . Covenants #19.1 Conclusions from the Pentateuch Be able to identify each of the five books we've covered, by way of main events (esp., the covenants), the main characters, and where the books fit into the redemptive-historical context of the Pentateuch. Know which sort of covenant is which (esp. H/O #16), and esp.(!) what are the specific covenants we have seen so far in the OT. What are their features, whom are they with, etc. A few must-know chapters & verses: (These are not the only ones; these are the must-know chapters). Gen 12, 15, 17 & 22 Exod 19, 20 & 24 Exod 34:6 Lev 26:12 Lev 26 Deut 7 Otherwise, be able to identify the chapters in boxes . Other items / ideas we have stressed: Israel's religion and cosmology and cosmogeny (vs.( that of pagan religions. Be able to......

Words: 479 - Pages: 2

Free Essay

Bio 156 Midterm Study Guide

...Bio 156 – Midterm Study Guide Lesson One I. Characteristics of Life • List four main characteristics of all living things II. Diversity and Organizing Life • Describe three ways of classifying, or ordering, life on earth. • Given a random ordering of the levels of organization of life, rearrange them into the proper sequence. • Describe the concept "an organism is more than the sum of its parts." • List the six kingdoms of life. • By definition, distinguish between a population, a community, and an ecosystem. • Distinguish between a producer, a consumer and a decomposer. III. Origins of Diversity- Evolution of Life • Define the term "biodiversity. • Define the term "evolution." • Describe how diversity of life can arise by the operation of natural selection. IV. The Nature of Biological Inquiry – Scientific Method • Distinguish between a hypothesis and a prediction • Distinguish between inductive and deductive logic • What is meant by the phrase "potentially falsifiable hypothesis"? • Define the term "control group" and tell the value of a control group in an experiment • Define the term "theory" and tell at what point in a study a hypothesis becomes a theory • Design an experiment to test a given hypothesis, using the procedure and terminology of the scientific method. Try the......

Words: 3446 - Pages: 14

Premium Essay

Programming Midterm Study Guide Notes

...Programming Midterm Study Guide Programs that make a computer useful for everyday tasks are known as application software. System software – the programs that control and manage the basic operations of a computer. System software types: Operating system: most fundamental set of programs on a computer. Controls the internal operations of the computers hardware manage all of the devices connected to the computer, allows data to be saved to and retrieved from storage device, and allows other programs to run on the computer. Utility programs: performs a specialized task that enhances the computer’s operation or safeguard data. Examples are virus scanners, file compression programs, and data backup programs. Software Development tools: the programs that programmers use to create, modify, and tests software. Assemblers, compilers, and interpreters are examples. Interpreter is a program that both translates and executes the instructions in a high-level language program. The statements that a programmer writes in a high-level language are called source code or code. Syntax error is a mistake such as a misspelled key word, a missing punctuation character, or the incorrect use of an operator. NOTE: programs that are compiled generally execute faster than programs that are interpreted because a compiled program is already translated entirely to machine language when it is executed. A program that is interpreted must be translated at the time it is......

Words: 1662 - Pages: 7

Premium Essay

It Midterm Exam Study Guide

...MidTerm Exam Multiple Choice Identify the choice that best completes the statement or answers the question. __B__ 1. ____ is an important component of every information system that helps organizations to achieve their goals. a.|Hardware|c.|Feedback mechanism| b.|Software|d.|Data| __C__ 2. Many excellent computerized information systems follow stock indexes and markets and suggest when large blocks of stocks should be purchased or sold in a process called ____. a.|feedback|c.|forecasting| b.|processing|d.|program trading| __A__ 3. _____ consists of computer equipment used to perform input, processing, and output activities. a.|Information technology|c.|Telecommunications| b.|Technology infrastructure|d.|Hardware| __D__ 4. Keyboards, automatic scanning devices, and equipment that can read magnetic ink characters are examples of ____ hardware. a.|storage|c.|output| b.|processing|d.|input| __B_ 5. The One Laptop per Child computer costs ____. a.|under $100|c.|between $200 - $400| b.|under $200|d.|over $400| __B__ 6. ____ consists of computer programs that govern the operation of the computer. a.|Hardware|c.|Applications| b.|Software|d.|Telecommunications| __C__ 7. ____ is an example of application software that allows you to accomplish specific tasks such as word processing or tabulating numbers. a.|Systems software|c.|Microsoft Office 2010| b.|Windows 7|d.|Windows Vista| __C__ 8. People can send short messages of up to......

Words: 3408 - Pages: 14

Premium Essay

Urbs 380 Midterm Study Guide

...URBS 380 Midterm Study Guide: For multiple choice, true/false questions and short answer, you may be asked about the following concepts or issues: Neo-classical assumptions about markets Know the three different kinds of agglomeration economies – what is the difference between them? which one is significant for innovation? Diseconomies of scale – know definition Human capital Comparative advantage Know the three assumptions that inform the ‘monocentric city’ perspective (refer to Kloosterman & Musterd article). As a supply-side strategy for influencing the location choices of firms, tax policy is used to address what kind of costs? Do taxes influence location decisions? Staple theory vs. export (or 'economic) base theory - know the difference If provided with the location quotients, know how to differentiate non-base and base industries If provided with data, know how to calculate a multiplier effect (know the formula!) & know what the number represents. Know what ‘leakage’ is (can refer to Loxley and Lamb reading), and what effect it has on the multiplier. Within the shift-share approach, what does the ‘shift term’ represent? Know the key assumption of the early version of ‘location theory’ In a polycentric city, does the central city still matter? Why or why not? (refer specifically to the Kloosterman and Musterd article) According to Rutland & O’Hagan (2007), the vertical disintegration of the traditionally large integrated...

Words: 733 - Pages: 3

Premium Essay

Acct 567 Midterm Study Guide

...Midterm Study Guide • Be sure to review the Chapter 1 & 2 summary document • Be sure to review the Funds summary document • The exam covers TCOs A, B, C, D, and E. • The exam is worth 150 points, including ten multiple-choice questions at five points each, two essay questions at 30 points each, and one essay question at 40 points. • There are two pages to the exam. You do not have to complete the questions or the pages in order. • You will have 2 hours and 30 minutes to take the exam. • Note: Essay questions will not be included in the eCollege auto-grading function. • Remember to SAVE frequently, because when the time limit is reached you will automatically be exited from the exam. • Please make a note of the Help Desk phone number: 800-594-2402. Multiple choice topics: • GAAP, GASB, FASB, AICPA roles • Measurement focus and basis of accounting • CAFR • Major funds • Nonexchange transactions • Budgetary accounts • Fund balance categories • Recording fixed (capital) assets • Tax Anticipation Note Payable • Capital projects fund • Special revenue fund • Debt service fund Essay Questions: 30 point essay question topics: • Sources of funding for general government capital projects • When and why capital project funds are used • Interest accrual of bonds in a debt service fund • Characteristics of fiduciary funds & comparison of the two types • Characteristics and uses of capital projects, debt service, and special revenue......

Words: 252 - Pages: 2

Premium Essay

Geog308 Midterm Study Guide

...the way that the wind can erode the shore and move the sand to another part of the island, forcing it to slowly move. 10. Some ways that rising sea level can impact a coastal zone would be the erosion that the new higher waters are touching land, It could also push sea life farther up land where waters haven’t been. Also it can also cause a disturbance to the life where the water is rising. Inv A 1. curves away from the |11. erosion|21. deeper| 2. straight|12. northeast to southwest|22. 2.5| 3. right to left |13. likely|23. 6| 4. be straight|14. absent|24. multiple| 5. toward the shore|15. widest|25. | 6. away from|16. are|26. | 7. toward|17. more irregular|27. | 8. diverging|18. embayments|28. | 9. converging|19. 8|29. | 10. deposition|20. higher|30. | Inv B 1. left|11. lower|21. | 2. 26.2|12. less|22. | 3. 28.4|13. 95|23. | 4. an increase|14. at|24. | 5. increased|15. 7.9|25. | 6. did|16. high|26. | 7. right|17. 21 |27. | 8. is not|18. western|28.| 9. are not|19. greater than|29.| 10. higher|20. be less than|30.| Online 1. 5|11. higher|21.| 2. showed differences ex|12. lowering|22.| 3. rise|13.|23.| 4. are|14.|24.| 5. Pacific|15.|25.| 6. 0.27|16.|26.| 7. Rhine|17.|27.| 8. |18.|28.| 9. |19.|29.| 10. |20.|30.|...

Words: 375 - Pages: 2

Premium Essay

Midterm Study Guide

...-team defn sm # of ppl w complementary skills who are committed to a common purpose, set of performance goals, and approach for which they hold themselves mutually accountable 6 chars Sm grps (2-10), work to achieve common goal, interdep mems, bounded/stable ovr t, auth to manage own work/internal processes, op in soc context (not island) When should use team team’s OBJs…..hi complex + interdep complex is task - breadth/depth of skills/expertise/interdepent task -pooled split up, do apart, glue together -sequential 1 way dependency -reciprocal 2 way Leadership: - main lship styles coercive - immediate compliance from ees use str8fwd tasks problem EEs crisis sits NOT use complex tasks self-mot, talented EEs ovr LT authoritative - LT direction and vision for team use new vision/clear direction needed (times of ch) new team member needs guidance you’re expert/source of auth NOT use EE exp, know much as you if not more promoting self-managed teams/participative decis-making affiliative leader - creating harmony among EEs and btwn l and team use str8fwd and perf is adequate diverse/conflicting grps to work together EEs exp personal difficulties NOT use bad EEs perf corrective pef feedback is nec crisis/complex sits, clarity control needed EE task-oriented individs democratic - building commitment and consensus among EEs Use competent, have as much/more knowl as you mems’ work muts b coord you’re unclear about best approach/have competent......

Words: 1553 - Pages: 7

Free Essay

Midterm Study Guide

...AAS 20 Midterm Study Guide Resources for studying include: Lecture notes, weekly readings, discussion section materials, videos (Monterey’s Boat People, SF Strike, Saigon USA, Letters to Thien) Week 1: RATIONALE & DEMOGRAPHY r Why (is it important to) study AAs? r How does the US census define who is an AA? What does the US Census tell us about Asian American communities? r The model minority stereotype. r Characteristics of contemporary Asian American communities r Japanese Americans were the top group, in terms of numbers in 1970; what’s happened to their overall ranking now, and why? r Significance of TWLF strike at San Francisco State Week 2: BASIC CONCEPTS r Prejudice r Ethnicity r Ethnocentrism r Acculturation r Assimilation r Pluralism r Separatism/separatist identity r Four types of discrimination Week 3 & 4: IMMIGRATION r Significance and effects of US legislation laws, including but not limited to: o Chinese Exclusion Act of 1882 o Hart Celler Act / Immigration Act of 1965 o Tydings-McDuffie Act o Alien Land Law o Gentlemen’s Agreement o Education Exchange Act of 1946 o Walter McCarren Act of 1952 o 1980 Orderly Departure Program o Refugee Act of 1965 and 1980 o Operation New Life r Seven characteristics of early Asian immigration to the US mainland r What characteristics exemplify the “refugee” as a type? Week 5: ANTI-ASIAN VIOLENCE r Vincent Chin case 1982 (1984 and 1987 trials) r Thien Ly case r Hate crime r Anti-Asian hate incidents r What......

Words: 254 - Pages: 2

Premium Essay

Psychology 1 Study Guide

...Angelite Ziesemer Psychology 1 Study Guide 1 1. The 4 goals of psychology aimed at uncovering the mysteries of human and animal behavior are descriptions, explanations, prediction and control. Descriptions involve observing and taking notes on a behavior and explanation helps create theories. Prediction helps find out what might happen later on or in the future and finally, control seeks to find out how we can take a behavior we do not like and change it into one that we do. 2. Psychologists use the Scientific Method in research design so that they can reduce the amount of any kind of bias that could affect the research. They also use it to reduce the amount of errors in the experiment that might lead to inaccurate results. 3. Replication is taking a study and doing it over and over in the exact same way and managing to get the same results each time. This is important because it lends credibility to their research and allows other people who replicate the experiment an opportunity to predict behaviors and possibly control them. 4. Naturalistic Observation involves watching people in their normal everyday activities without getting involved. You would conduct this observation by going to their home and observing them live their lives without speaking or interacting with them. 5. In a case study you would gather all the information you could about the individual in extensive detail from birth to present. To conduct this you would have access to their medical records...

Words: 1139 - Pages: 5

Premium Essay

Finance and Accounting Midterm Study Guide

...The FI504 Midterm Exam will be an online open-book, open-notes, open-computer exam with a time limit of 2 hours and 30 minutes. It will be worth 150 points or 15% of the course grade. The Midterm Exam is multiple pages and consists of 30 multiple-choice questions, one essay question, and one problem. The multiple-choice questions are worth 3 points each. Some of the multiple choice questions are problem-based. There is also one essay question worth 25 points and one problem worth 35 points. Terminal Course Objectives A, B, C, D, and E are all addressed on this exam. For the multiple choice questions worth 90 points, you should know: 1. Know what information is desired by external users of financial statements 2. Know about operating activities, investing activities, and financing activities 3. Be able to calculate net cash provided by operating activities in a simple situation (by identifying which activities are operating activities) 4. Know the definitions of asset, liability, equity, revenue, and expense 5. Know what items appear under each classification in the balance sheet 6. Know how to compute Earnings per Share 7. Know the composition of a Retained Earnings statement 8. Know about a ledger account, its different parts, the rules of debit and credit, and the meaning of the term normal balance of an account 9. Know about revenue recognition principle, matching principle, and time-period assumption 10. Know the computation......

Words: 845 - Pages: 4

Bernard-jou Iwaku. | [share_ebook] Design, Simulation and Applications of Inductors and Transformers for Si RF ICs (The Springer International Series in Engineering and Computer Science) free ebook download | Show Box: Movies and TV-Shows Free v5 24 AdFree MOD APK ~ APKGOD