Economics Mid-Term Review Chapters 1 – 7
Economics Mid-Term Review Chapters 1 – 7. Concepts Paradox of Value Opportunity Cost Trade-offs Economic Interdependence Capital Goods Productivity.
Dec 30, 2015
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Economics
Mid-Term ReviewChapters 1 – 7
Concepts Paradox of Value Opportunity Cost Trade-offs Economic Interdependence Capital Goods Productivity
ConceptsProduction Possibilities Frontier
What does it show? How is the information used?
Entrepreneurs Who are they? What is their role in the economy?
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
Concepts
Multinationals Conglomerates Demand Curves
What are they? Movement along the curve –
Causes Movement of the curve – Causes Reading of
Concepts
Demand Elasticity Profit Maximizing Point
MC = MR Law of Supply
Define Supply Curves
What are they? Reading of
Concepts
Supply Curves Movement along the curve – Causes Movement of the curve – Causes
e-commerce Why would businesses engage in?
Supply Elasticity
Concepts Production Schedule
Reading Translating the schedule to a graph.
Market Supply What does it show
Law of Supply Define
Concepts 3 Stages of Production
Identifying Characteristics
Cost Total Fixed Variable Marginal
Concepts Federal Minimum Wage Law Competitive Market Economy Price Support Market Demand and Supply Schedules Rationing –
What is it? How does it work?
Concepts
Market Equilibrium Reading Graphs Impact of changes in demand and supply
on equilibrium.
Deficiency Payments
Concepts
Market Structures Characteristics/Descriptions
Perfect competition Monopolistic Competition Oligopoly Monopoly
Types Characteristics
Chapter 1-1 –Visual Summary
Chapter 1-2 –Visual Summary
Chapter 1-3 –Visual Summary
Chapter 2-1 –Visual Summary
Chapter 2-2 –Visual Summary
Chapter 2-3 –Visual Summary
Chapter 3-1 –Visual Summary
Chapter 3-2 –Visual Summary
Chapter 4-1 –Visual Summary
Chapter 4-2 –Visual Summary
Chapter 4-3 –Visual Summary
Chapter 5-1 –Visual Summary
Chapter 5-2 –Visual Summary
Chapter 5-3 –Visual Summary
Chapter 6-1 –Visual Summary
Chapter 6-2 –Visual Summary
Chapter 6-3 –Visual Summary
Chapter 7-1 –Visual Summary
Chapter 7-2 –Visual Summary
Chapter 7-3 –Visual Summary
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