1. Economics
Chapter 5 Review

2. Supply Curves Concepts What are they?
Movement along the curve – Causes
Movement of the curve – Causes
Slope of the curve

3. Change in Supply – Movement of the Curve
Pg. 120

4. Concepts Supply Schedules Supply Elasticity What are they?
What information do they show?
How are they constructed?
Supply Elasticity
How do we determine elasticity?

5. Supply Elasticity
Pg. 124

6. Concepts Market Supply Law of Supply e-commerce What does it show
Define
e-commerce
Why would businesses engage in?
What are the benefits?

7. Determining Market Supply
Pg. 119

8. Concepts Theory of Production Production Schedule
Reading the schedule
Graphing the information
Profit Maximizing Point
MC = MR

9. Section 2 –Visual Summary
Pg. 139

10. Concepts 3 Stages of Production Cost Identifying Characteristics Total
Fixed
Variable
Marginal

11. Production, Costs and Revenues
Pg. 134

12. Section 1 –Visual Summary
Pg. 139

13. Section 3 –Visual Summary
Pg. 139

14. Essay Questions
A farmer purchases a new type of seed corn. What effect might this new technology have on her production? Why?

15. Essay Questions
How do you think the inventions and changes in technology affect goods imported from other countries?

16. Essay Questions
On supply curve, how does the quantity supplied change when the price increases? How is supply elasticity determined? Compare proportional changes to explain how you know. What does this tell you about the elasticity of the supply curve? Explain.

17. Essay Questions
What causes supply of a good or service to increase as price rises? Explain your answer thoroughly.

18. Review Questions
Page 140 – 141
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