MR. CHUNG U.S. History/Government/ECON



ECONOMICS CHAPTER 4, 5, and 6 REVIEW SHEET(12.2 (2) Discuss the effects of changes in supply and/ or demand on the relative scarcity, price, and quantity of particular products.Chapter 4:1 Understanding DemandExplain scarcity. Explain Demand.Explain what two conditions must be present in order to have demand. Explain the law of demand. Explain the Substitution Effect: Discussion QuestionWhat are some items that you are willing to substitute should the price goes up? List five and explain why. (1)(2)(3)(4)(5)Explain income effect. Chapter 4:2: SECTION 2 SHIFTS IN DEMAND CURVE: Explain Ceteris Paribus. Explain income effect. Explain inferior goods. Explain consumer expectations. Explain how advertising impact demand. Describe compliments.Describe substitutes.Chapter 4:3: DEFINING DEMAND: Explain the elasticity of demandExplain how demand is inelastic. Explain highly elastic demand. Explain the factors affecting elasticity including:Availability of SubstitutesRelative ImportanceNecessities versus luxuriesChanges over time of what demand is for the good.Explain how elasticity is important to the study of economics. Explain how a firm computes total revenue. List and explain the factors to elasticity of demand.Explain how consumers respond to inelastic demand. Describe how price raises and decreases affects total revenue in the inelastic demand. Explain how a decrease in price affects quantity demanded if the demand is inelastic. Much might be said to the young people regarding their privilege to help the cause of God by learning lessons of _____________________and ________________________Many think that they must indulge in this pleasure and that, and in order to do this they accustom themselves to live up to the full extent of their________________. God wants us to do better in this________________________. {MYP 299.1} Waste not your ____________________ and your _________________in__________________ unnecessary things. You may think these little sums do not amount to much, but these many littles will prove a great whole. If we could, we would plead for the means that is spent in needless things, in dress and__________________. ________________in every shape is on every hand. And God has made it our duty to relieve suffering __________________in every way possible. {AH 383.2} The Lord would have His people thoughtful and caretaking. He would have them study __________________in everything, and waste nothing. {AH 383.3} The amount daily spent in__________________, with the thought, "It is only a nickel," "It is only a____________," seems very little; but ____________________these littles by the days of the year, and as the years go by, the array of figures will seem almost incredible. {AH 384.1}____________________you should lay by in some secure place __________________or ___________________not to be used up unless in case of ______________________. With economy you may place something at ______________. With wise management you can save something after paying your ______________________. {AH 396.2} I have known a family receiving ________________ a week to spend every penny of this amount, while another family of the same size, receiving but _____________________a week, laid aside one or two dollars a week, managing to do this by refraining from purchasing things which seemed to be ___________________but which could be dispensed with. {AH 396.3} Chapter 5:1 Understanding Supply(12.2 (2) Discuss the effects of changes in supply and/ or demand on the relative scarcity, price, and quantity of particular products.Explain scarcity. Define supply. Explain the law of supply. Explain quantity supplied. Explain the reason for a firm to commit to higher production. Explain what leads to market entry of firms. Explain elasticity of supply. Explain what time determines. Explain what type of supply is a firm that cannot easily change its output is in its supply. Explain to what happens to supply of firms in the long run. Explain what happens to supply over time. CHAPTER 5:2: Costs of Production: 12.2 (8). Explain the role of profit as the incentive to entrepreneurs in a market economy.Explain the cost of production. Explain marginal product of labor:Explain how specialization increases marginal returns. Explain Production Costs.Explain fixed Costs.Explain variable costs. Explain total costs.Explain marginal costs. Explain maximum profits. Define profit.Explain total revenue is equal. Chapter 5:3: Changes in SupplyExplain how input costs affect supply. Explain how raising costs affect supply. . Explain how technology can impact costs. Explain how government can influence supply. Explain subsidy.Explain how excise taxes can impact supply. Explain how government regulations can impact supply. Explain how changes in the global economy impact supply.Explain what a seller will do if they expect the price of a good in the future. Explain what a seller would do if the price of the good is expected to drop in the near future. Explain how the expectation of higher prices will do to supply.Explain how expectation of lower prices will impact supply. Explain how inflation impact supply. Explain how the number of suppliers impact supply. Discussion ActivityWhat factors would influence you to set up a business in a particular location? Choose a city you would locate your business in and three reasons why you would locate your business in that area. Chapter 6:1: Prices Reaching EquilibriumExplain reaching equilibrium. Explain market benefits to reaching equilibrium. Explain Disequilibrium. Explain shortages Surplus and ShortagesExplain how suppliers can lead shortages to equilibrium. Explain Surplus, Explain what demand customers have when suppliers raise price for a good.Explain what customers will do when items are relatively more expensive.Explain how suppliers will keep raising the price. 12.2 (6). Describe the effect of price controls (Price Ceiling) Rent Control, (Price Floors) Minimum Wage, and (Price Supports) on buyers and sellers.Explain price ceiling.Explain rent control.Explain how rent control impacts supply.Explain the negative impact of rent control.Explain what can possibly happen if rent control is removed.Explain price floors.Explain minimum wage.Explain what happens if minimum wage is increased above the market equilibrium wage rate and how that impacts the supply and demand for workers. Explain price supports. Explain who creates demand on price supports.Explain the purpose of price supports in agriculture.But the earth has blessings hidden in her depths for those who have courage and will and perseverance to gather her treasures. Fathers and mothers who possess a _____________________and a comfortable home are _________________and ________________________. {CL 18.2} Chapter 6:2: Prices Reaching EquilibriumExplain what factors can impact the supply curve. Explain how advances in technology and production impact costs. Explain how lower costs impact supply.Explain how suppliers will respond to surplus. Explain how when prices fall, how it impacts quantity demand and supply. Explain how new technology and lower cost impacts the supply curve. Explain fads and how it can impact demand and supply. Explain what happens to supply when the fad goes out of style. Explain how new technology impacts consumer demand. 12.2 (4). Explain how prices reflect the relative scarcity of goods and services and perform the allocative function in a market economy.Chapter 6:3: The Role of PricesExplain what is a key element to equilibrium. Explain what problems prices solve. Explain how prices impact the law of supply and demand. Explain what prices communicate. Explain what higher prices tell people. Explain how higher prices revel about demand.Explain how higher prices will impact firms. Explain what high prices is a green light to producers. Explain how low prices serve as a red light. Explain how prices can be used to address shortage and surplus. Explaining how rationing is used. Explain the Black Market.Explain what prices determine for consumers. Explain how prices impact choice and efficiency: Explain efficient resource allocation. Explain what market system ensures in resource allocation. Explain who producers will sell their resources to.Explain how the highest bidder will be that that firm that produces goods that are in the highest demand. Explain how resources will flow. Explain how efficient resources allocation goes hand to hand with.Describe examples of profit incentive.Explain imperfect competition and if only one producer sells a good.Explain how negative externalities impact consumers. Explain how imperfect information can impact the market. 3.0 Standard Roadmap:12.2 (2) Discuss the effects of changes in supply and/ or demand on the relative scarcity, price, and quantity of particular products.In order to get a 3.0, I can do the following:SUPPLY/Quantity of particular productsDefine supply. Explain the law of supply. Explain quantity supplied. Explain the reason for a firm to commit to higher production. Explain what leads to market entry of firms. Explain how input costs affect supply. Explain how raising costs affect supply. . Explain how technology can impact costs. Explain how changes in the global economy impact supply.Explain what a seller will do if they expect the price of a good will increase the future. Explain what a seller would do if the price of the good is expected to drop in the near future. Explain how the expectation of higher prices will do to supply.Explain how expectation of lower prices will impact supply. Explain how inflation impact supply. Explain how the number of suppliers impact supply. Explain what demand customers have when suppliers raise price for a good.Explain what customers will do when items are relatively more expensive.Explain how suppliers will keep raising the price. Explain how lower costs impact supply.Explain how suppliers will respond to surplus. Explain how when prices fall, how it impacts quantity demand and supply. Explain how new technology and lower cost impacts the supply curve. Explain the effects of changes in supply.DEMAND/Quantity of particular productsExplain the effects in demandExplain relative scarcity.Explain priceExplain quantity of particular products. Explain scarcity. Explain Demand.Explain the law of demand. Explain the income effect. Explain how consumer expectations impact demand.Explain how new technology impacts consumer demand. Prices/Quantity of Certain Products:Explain what problems prices solve. Explain how prices impact the law of supply and demand. Explain what prices communicate. Explain what higher prices tell people. Explain how higher prices revel about demand.Explain how higher prices will impact firms. Explain what high prices is a green light to producers. Explain how low prices serve as a red light. Explain how prices can be used to address shortage and surplus. Explain what prices determine for consumers. Explain how prices impact choice and efficiency: Explain efficient resource allocation. Explain what market system ensures in resource allocation. Explain who producers will sell their resources to.Explain how the highest bidder will be that that firm that produces goods that are in the highest demand. Explain how resources will flow. Explain how efficient resources allocation goes hand to hand with.12.2 (4). Explain how prices reflect the relative scarcity of goods and services and perform the allocative function in a market economy.Explain prices.Explain relative scarcity.Explain goods and services.Explain allocative functionExplain market economy.Explain how prices impact the law of supply and demand. Explain what prices communicate. Explain what higher prices tell people. Explain how higher prices revel about demand.Explain how higher prices will impact firms. Explain what high prices is a green light to producers. Explain how low prices serve as a red light. Explain how prices can be used to address shortage and surplus. Explain what prices determine for consumers. Explain how prices impact choice and efficiency: Explain efficient resource allocation. Explain what market system ensures in resource allocation. Explain how producers will sell their resources to.Explain how the highest bidder will be that that firm that produces goods that are in the highest demand. Explain how resources will flow. Explain how efficient resources allocation goes hand to hand with.12.2. (6). Describe the effect of price controls on buyers and sellers.Describe price controlsDescribe buyers and sellers. Explain price ceilingExplain rent control.Explain how rent control impacts supply.Explain the negative impact of rent control.Explain what can possibly happen if rent control is removed.Explain price floors.Explain minimum wage.Explain what happens if minimum wage is increased above the market equilibrium wage rate and how that impacts the supply and demand for workers. Explain price supports. Explain who creates demand on price supports.Explain the purpose of price supports in agriculture ................
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