1. 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.

2. 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

3. 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