1. Mid-Term Review Chapters 1 – 7
Economics
Mid-Term Review
Chapters 1 – 7

2. Concepts Chapter 1 Paradox of Value Opportunity Cost Trade-offs
Economic Interdependence
Capital Goods
Productivity

3. Concepts Production Possibilities Frontier Entrepreneurs
What does it show?
How is the information used?
Entrepreneurs
Who are they?
What is their role in the economy?

4. Chapter 1-1 –Visual Summary
Page 27

5. Chapter 1-2 –Visual Summary
Page 27

6. Chapter 1-3 –Visual Summary
Page 27

7. Concepts Chapter 2 Free Enterprise Economy How does it function?
Which group drives the economy?
Role of the government?

8. Chapter 2-1 –Visual Summary
Page 55

9. Chapter 2-2 –Visual Summary
Page 55

10. Chapter 2-3 –Visual Summary
Page 55

11. Concepts Chapter 4 Demand Curves Demand Elasticity What are they?
Movement along the curve – Causes
Movement of the curve – Causes
Reading of
Demand Elasticity

12. Chapter 4-1 –Visual Summary
Page 111

13. Chapter 4-2 –Visual Summary
Page 111

14. Chapter 4-3 –Visual Summary
Page 111

15. Concepts Chapter 5 Profit Maximizing Point MC = MR Law of Supply
Define
Supply Curves
What are they?
Reading of

16. Concepts Supply Curves e-commerce Supply Elasticity
Movement along the curve – Causes
Movement of the curve – Causes
e-commerce
Why would businesses engage in?
Supply Elasticity

17. Concepts Production Schedule Market Supply Reading
Translating the schedule to a graph.
Market Supply
What does it show

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

19. Chapter 5-1 –Visual Summary
Page 139

20. Chapter 5-2 –Visual Summary
Page 139

21. Chapter 5-3 –Visual Summary
Page 139

22. Concepts Chapter 6 Federal Minimum Wage Law Competitive Market Economy
Price Support
Market Demand and Supply Schedules

23. Concepts Rationing – Market Equilibrium Deficiency Payments
What is it?
How does it work?
Market Equilibrium
Reading Graphs
Impact of changes in demand and supply on equilibrium.
Deficiency Payments

24. Chapter 6-1 –Visual Summary
Page 163

25. Chapter 6-2 –Visual Summary
Page 163

26. Chapter 6-3 –Visual Summary
Page 163

27. Concepts Chapter 7 Market Structures Characteristics/Descriptions
Perfect competition
Monopolistic Competition
Oligopoly
Monopoly
Types
Characteristics

28. Chapter 7-1 –Visual Summary
Page 191

29. Chapter 7-2 –Visual Summary
Page 191

30. Chapter 7-3 –Visual Summary
Page 191