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Prices and Decision Making
Chapter 6 Review Prices and Decision Making
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Vocabulary Price ceiling Ration coupon Market equilibrium
Equilibrium price Target price
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Vocabulary Economic model Price Deficiency payment Surplus Shortage
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Concepts The economics of prices What do prices represent?
How are they derived? Why do they perform effectively and efficiently?
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Concepts Surpluses/Shortages Determining them. What are they?
How does the market correct these situations? Graphically, how are they represented?
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Concepts Rationing e-commerce Advantages/Disadvantages
How do they work? e-commerce What is it? Advantages/disadvantages
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Concepts What do “price supports” do? Competitive Markets
How do they function? Competitive Markets How do they work? What part do they play in the economy?
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Concepts Price Floors Advantages/Disadvantages How do they work?
Examples
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Concepts Price Ceilings Equilibrium Advantages/Disadvantages
How do they work? Examples Equilibrium What is it? Determining graphically
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Essays/Short Answers Be able to identify/determine the relationship between demand elasticity and price changes.
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Essays/Short Answers Using supply and demand concepts, explain what is meant by a seller’s market. Also, be able to determine the outcome of a surplus/shortage situation.
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Essays/Short Answers Identify and explain what happens when governments set price ceilings and price floors.
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Essays/Short Answers Be able to identify equilibrium from a supply/demand schedule. Also, be able to determine what happens to supply and demand when price changes.
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Review Questions Page 164 – 165 10,14,16,21
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