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Economics Lecture Ten (view source)

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~~Tenth Lecture – Review~~ and ~~Externalities~~

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At this point we have covered most of what is taught in "Microeconomics", and most of what is on the CLEP exam for college credit. We have only five lectures left, and then a final exam.

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~~Instructor~~, ~~Andy Schlafly~~

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There are still some important topics that we need to cover in the remainder of this course, such as:

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*externalities

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*production possibilities

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*comparative advantage

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*derived factor demand

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*market distribution of income

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*government policy

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*public and private goods

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*regulation and antitrust law

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About 10% of the CLEP Microeconomics exam questions are on government policy, a much higher percentage than one would expect for a course about individual market-based decisions. Also, nearly 5% of the exam asks about "production possibilities," which is not a particularly important concept in Microeconomics. But we'll cover all these topics so that you will be prepared if you want to take the CLEP and earn college credit.

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We will also spend much of the remainder of the course reviewing and learning better concepts already introduced in earlier Lectures. Several questions each week will be review questions.

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You should use your midterm exam as a learning tool to make sure you understand the material for questions you answered incorrectly on that exam. Those questions are the heart of this course, and the more that you can learn from your mistakes, the better you will do on the final exam here and the CLEP. Each year I put on the final exam an identical question that was on the midterm exam. Don't answer it incorrectly again!

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Let's now begin to learn some of the new concepts listed above.

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==Externalities==

Aschlafly

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