Chapter 6SectionMain Menu Opening Act: Friday 12/3 Pass your HW towards the person sitting along the center aisle of your row Here are the only items I.

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Chapter 6SectionMain Menu Opening Act: Friday 12/3 Pass your HW towards the person sitting along the center aisle of your row Here are the only items I am collecting on Tuesday before the test. Take 5 minutes to check and see if you have them: 1.Chapter 4 Notes-all 3 sections (11/4 through 11/10) 2.Chapter 4, Section 1 Guided Reading 3.Chapter 4, Section 3 Guided Reading 4.Chapter 5 Notes-all 3 sections (11/16 through 11/18) 5.Chapter 6 Notes- Counts as 2 sections (the notes from this week 11/29 through 12/1) 20 points total for your Microeconomics HW/NB Grade

Chapter 6SectionMain Menu Agenda: Friday 12/3 HW Discussion Test Review Test Warning: Tuesday 12/7 –22 Questions on Microeconomics from Chapters 4,5,6 –8 questions from Chapters 1,2,3 –You will answer 2 free response questions –We will review on Friday, I will also go over notebook contents on Friday STUDY!!!!!!!!!

Chapter 6SectionMain Menu Main ideas from previous chapters Look over this list and take 5 minutes to discuss these items with a neighbor. See if you each can answer the questions 1.What is the term for the total value of all goods and services produced in a particular economy? 2.Why do markets exist? 3.What is the purpose of competition? 4.What incentive do manufacturers have to sell their products? 5.What are the key economic questions? 6.What is the opportunity cost of a decision? 7.Why are all goods and services scarce? 8.The resources used to make all goods and services are called what?

Chapter 6SectionMain Menu Free response topics Look over this list and take 5 minutes to discuss these items with a neighbor. See if you each can answer the questions 1.Can Advertising create a shift in demand? How? Which direction? 2.How are supply schedule and a market supply schedule similar? How are they different? 3.Why does supply grow as price rises? (There are 2 reasons we discussed) 4.How have changes in transportation technology affected the America’s supply of imported goods from other continents? 5.What are the advantages and disadvantages of the minimum wage for workers? 6.What are the major advantages of a distribution system based on price?

Chapter 6SectionMain Menu Microeconomic Main ideas Similarities and differences between law of demand and law of supply Similarities and differences between the different schedules and curves we looked at What a shift in supply or demand means. What can cause such shifts? Elasticity of both demand and supply Relationship between elastic demand & total revenue Reading and interpreting supply, demand, and combined curves Production costs (fixed & variable), revenue, profits