1. Unit 3: Markets & Trade
Unit Test Review

2. Economics Unit 3: Markets & Trade
TEKS 2 A – Student is expected to understand the effect of changes in price on the quantity demanded and quantity supplied: the characteristics of demand, inverse or direct relationship between price and quantity demanded or quantity supplied, change in quantity demanded or quantity supplied is represented by movement along the curve, surplus, shortage, cartels,

3. Economics Unit 3: Markets & Trade
TEKS 2 B – Student is expected to identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price: shift of the entire curve, slope of the demand curve, slope of the supply curve, relationship between income and demand, substitution effect, effect of government regulation on producers
TEKS: 2 C – Students interpret a supply-and-demand graph using supply-and-demand schedules: P up QD down, P Down QD up, P up QS up, P down QS down, slope of the demand curve, slope of the supply curve

4. Economics Unit 3: Markets & Trade
TEKS: 3 A – Students will explain the concepts of absolute and comparative advantages: absolute advantage/most production, comparative advantage/efficient production

5. Economics Unit 3: Markets & Trade
TEKS: 3 A – Students will explain the concepts of absolute and comparative advantages: absolute advantage/most production, comparative advantage/efficient production
TEKS: 3 C – Student is expected to evaluate the benefits and costs of participation in international free-trade agreements: multinationals – countries that produce and sell in multiple nations (i.e. Walmart, McDonalds, Ford)

6. Economics Unit 3: Markets & Trade
TEKS: 4 A – Student is expected to compare the effects of free trade and trade barriers on economic activities: tariffs – taxes on imports, quotas – limits on imports, imports, exports, North American Free Trade Agreement (NAFTA)
TEKS 4 B – Student is expected to evaluate the benefits and costs of participation in international free-trade agreements: NAFTA participants – Canada, Mexico, United States
TEKS: 4 C – The student can analyze the effects of changes in exchange rates on imports and exports – Fixed exchange rate, floating exchange rate

7. Economics Unit 3: Markets & Trade
TEKS: 4 A – Student is expected to compare the effects of free trade and trade barriers on economic activities: tariffs – taxes on imports, quotas – limits on imports, imports, exports, North American Free Trade Agreement (NAFTA)
TEKS 4 B – Student is expected to evaluate the benefits and costs of participation in international free-trade agreements: NAFTA participants – Canada, Mexico, United States
TEKS: 4 C – The student can analyze the effects of changes in exchange rates on imports and exports – Fixed exchange rate, floating exchange rate

8. Economics Unit 3: Markets & Trade
TEKS: 6 B – Student will explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment opportunities, and the creation of wealth:
Price up Quantity Demanded down, Price down Quantity Demanded Up, inverse relationship
Price up Quantity Supplied up, Price down Quantity Supplied down, direct relationship

9. Economics Unit 3: Markets & Trade
TEKS: 9 A – Students will describe characteristics and give examples of pure competition, monopolistic competition, oligopoly, and monopoly:
Pure competition – most competitive
Monopolistic Competition – next most competitive
Oligopoly – few competitors
Monopoly – no competion

10. Economics Unit 3: Markets & Trade
TEKS: 11 A – Student is expected to analyze how productivity relates to growth:
Globalization – production of products sold world wide
TEKS 11 C – Student is expected to analyze how trade relates to growth:
trade can benefit all countries involved
European Union, Euro
NAFTA
Factors of production are preserved
Standard of living improves