1. Economics
Chapter 5 Review

2. Supply Curves Concepts 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 information do they show?
Supply Elasticity
How do we determine elasticity?

5. Supply Elasticity
Pg. 124

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

7. Determining Market Supply
Pg. 119

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

9. Concepts Theory of Production Production Schedule
Reading the schedule
Be able to pull information from the graph.
Profit Maximizing Point
MC = MR

10. Section 2 –Visual Summary
Pg. 139

11. Production, Costs and Revenues
Pg. 134

12. Section 3 –Visual Summary
Pg. 139

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

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

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

16. Essay Questions
What causes supply of a good or service to increase as price rises? Explain your answer thoroughly, using concepts and vocabulary from the chapter.

17. Review Questions
Page 140 – 141
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