Economics Goal: To “warm up” and get everyone up to speed on what you need to remember from Econ 5 (Intro Micro) Rules: You can work in teams and use the book, any notes, etc. For terms, give both a definition (words) and an economics example, write notation or draw a graph. For graphs, draw the graph with all key points labeled and explain it in words. Each team with the correct answer gets the points, and the team with the most points at the end gets a bonus point towards their final grade.

Economics General Terms Supply & Demand Markets Math & Graphs 100 100 Opportunity Cost 100 100 Marginal Utility & Marginal Cost 100 Equilibrium 100 Formula for A Line Pareto Optimal 200 200 Law of Demand Monopoly 200 Tangent 200 Normative & Positive 300 Elasticity of Demand 300 Externality 300 300 Surplus & Shortage 400 Ceritus Paribus Avg. fixed vs Avg. variable costs 400 400 Public vs Private Goods 400 Shift in demand vs. change in quantity demanded

Economics General Terms Supply & Demand Markets Math & Graphs Opportunity Cost Marginal Utility & Marginal Cost Equilibrium Formula for A Line Pareto Optimal Law of Demand Monopoly Tangent Normative & Positive Elasticity of Demand Externality Surplus & Shortage Ceritus Paribus Avg. fixed vs Avg. variable costs Public vs Private Goods Shift in demand vs. change in quantity demanded