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Published byCuthbert Willis Modified over 9 years ago
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Economics Mid-Term Review Chapters 1 – 7
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Concepts Paradox of Value Opportunity Cost Trade-offs Economic Interdependence Capital Goods Productivity
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Concepts Production Possibilities Frontier What does it show? How is the information used? Entrepreneurs Who are they? What is their role in the economy?
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Concepts Free Enterprise Economy How does it function? Which group drives the economy? Role of the government? The 3 types of Businesses Sole Proprietorships Partnerships Corporations
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Concepts Multinationals Conglomerates Demand Curves What are they? Movement along the curve – Causes Movement of the curve – Causes Reading of
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Concepts Demand Elasticity Profit Maximizing Point MC = MR Law of Supply Define Supply Curves What are they? Reading of
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Concepts Supply Curves Movement along the curve – Causes Movement of the curve – Causes e-commerce Why would businesses engage in? Supply Elasticity
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Concepts Production Schedule Reading Translating the schedule to a graph. Market Supply What does it show Law of Supply Define
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Concepts 3 Stages of Production Identifying Characteristics Cost Total Fixed Variable Marginal
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Concepts Federal Minimum Wage Law Competitive Market Economy Price Support Market Demand and Supply Schedules Rationing – What is it? How does it work?
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Concepts Market Equilibrium Reading Graphs Impact of changes in demand and supply on equilibrium. Deficiency Payments
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Concepts Market Structures Characteristics/Descriptions Perfect competition Monopolistic Competition Oligopoly Monopoly Types Characteristics
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Chapter 1-1 –Visual Summary
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Chapter 1-2 –Visual Summary
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Chapter 1-3 –Visual Summary
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Chapter 2-1 –Visual Summary
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Chapter 2-2 –Visual Summary
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Chapter 2-3 –Visual Summary
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Chapter 3-1 –Visual Summary
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Chapter 3-2 –Visual Summary
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Chapter 4-1 –Visual Summary
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Chapter 4-2 –Visual Summary
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Chapter 4-3 –Visual Summary
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Chapter 5-1 –Visual Summary
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Chapter 5-2 –Visual Summary
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Chapter 5-3 –Visual Summary
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Chapter 6-1 –Visual Summary
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Chapter 6-2 –Visual Summary
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Chapter 6-3 –Visual Summary
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Chapter 7-1 –Visual Summary
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Chapter 7-2 –Visual Summary
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Chapter 7-3 –Visual Summary
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