Unit 2 Assessment Review

We will be using Cornell Note Taking Format Today! Relax and enjoy the ride in Econ. Class! Don’t be a victim….. Own the day!

Unit Two: Learning Objectives: North Clackamas School District Social Studies Priority Standards: HS.51 (A): Explain how supply and demand represents economic activity and describe the factors that cause them to shift.

Go directly to your notes. Do not pass go. Do not collect $200!:

Economics Mr. Kirby: “Was it “Mouse Trap” and “Typing?” “Price goes down… Demand goes sideways?” I should have taken Cornell Notes Everyday! ECON, ECON!!!

increase in income 1. An increase in income results in a(an ) _____________ in demand for steak. increase in income 2. An increase in income results in a(an) _____________in demand for spam. decrease in the number of buyers incr in # of buyers 3. A decrease in the number of buyers [consumers] in the market will ___________ demand for all goods. An incr in # of buyers will ________ “D”. decrease in the price of a complementary good 4. A decrease in the price of a complementary good results in a(an) _____________ in demand for another complementary good. increase in the price of substitute good 5. An increase in the price of substitute good results in a(an)___________ in demand for another substitute good. increase in taste 6. An increase in taste for an item results in a(an) ___________ in demand. increase in the price of a complementary good 7. An increase in the price of a complementary good results in a(an) __________in demand for the other complementary good. expectationprice of a commodity will be higher in the future 8. An expectation that the price of a commodity will be higher in the future than it is now will ____________ its current demand. increase in the number of buyers 9. An increase in the number of buyers [consumers] in the market will _________ “D” for normal goods and ________ “D” for inferior goods. price of the iPad is expected to increase 10. If the price of the iPad is expected to increase, there will be an _________ in “D”. increase decrease decrease increase increase increase decrease increase increase increase increase increase

(A) (B) (C) (D) D1D1D1D1 S S S1S1S1S1 S1S1S1S1 DD RATNEST P P PP

How many legs does this elephant have?

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If one of the hearts turns blue, U will make at least a “B” on the next test. Now keep staring, if U only see one blue and the others go away U will make an “A”. OK, that last statement may not be true!

Graphing Review   Complete the graphing review sheet and turn directly into me.   Show me your Cornell Notes and I will give you a “Cheat Card” for Unit 2 Final Assessment.

Unit Two Assessment “Cheat Card” Rules:   I need to check to see you have Cornell Notes.   Must fill out card in class and turn into me at end of the period.   Can use front and back of card. Write as small as you would like.   I will give you 40 minutes to fill out your card   Economic concepts to be covered on the test will be shown on the following slide

Unit Two Assessment: Economic Concepts to be covered:   Law of Demand and Law of Supply.   Explanations and examples of “Q” vs. “QD” and “S” vs. “QS.”  Detailed definition and examples on “Elastic” and “Inelastic” supply and demand.  Determinants of Demand (T-I-M-E-R) with examples.  Determinants of Supply (R-A-T-N-E-S-T) with examples.  “Price Floor,” “Price Ceiling” and “Equilibrium”  Know how to create a demand/supply schedule and convert into a demand/supply curve.