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Ch.4 Quick Quizzes

Ch.4 Quick Quizzes. Mrs. Brooke Lubin Economics Bolton High School. Wednesday, September 4 th , 2013. Completed comparison chart (from board)? BELL: Ch.4 QQs Discussion from Ch.4 textbook ppt Thursday: Ch.4 review presentation Friday: Ch.4 QUIZ Monday: Ch.5 “ reading ” quiz.

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Ch.4 Quick Quizzes

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  1. Ch.4 Quick Quizzes Mrs. Brooke Lubin Economics Bolton High School

  2. Wednesday, September 4th, 2013 • Completed comparison chart (from board)? • BELL: Ch.4 QQs • Discussion from Ch.4 textbook ppt • Thursday: Ch.4 review presentation • Friday: Ch.4 QUIZ • Monday: Ch.5 “reading” quiz

  3. Ch.4 Sec.1 QQ • The law of demand states that… • The demand curve is always… • Buying only one drink instead of two drinks at lunch time describes what concept? • Describe the demand curve. • What is the main difference between the individual demand curve and the market demand curve?

  4. Ch.4 Sec.2 QQ • What causes a change in the quantity demanded for a product? • How does the demand curve show an increase in demand? • How does the change in the price of a good affect its complement? • What is an example of substitutes? • A change in the number of consumers can cause…

  5. Ch.4 Sec.3 QQ • Total expenditures are determined by… • The relationship between the change in price and total expenditures for an elastic demand curve is… • If a consumer cannot postpone the purchase of a product, demand tends to be… • A company decreases the price of a gallon of milk by 10% and the company’s total revenues fall significantly. What term best describes the demand for milk? • Name two items that are demand elastic.

  6. Monday, September 3rd, 2013 • Did YOU do the overview check assignment? • Complete chart on board. • Finish videos from Friday. And review Bell questions from Friday. • Chapter 4 QQs • Chapter 4 text ppt • *review presentation Thursday. We are relying on you for a thorough explanation.

  7. Friday, August 30th, 2013 • Due today: Ch.4&5 Overview • BELL: Answer the basic questions on the following slide about demand and supply. • Check overview. Blank sheet of paper 1-10 • Discuss BELL-basics. • Comparison chart-Demand and Supply-complete by Tuesday according to the following videos, discussion, text, etc. • Law of Demand and Law of Supply • **”reading” quiz at anytime in the next week or so.

  8. Ch.4&5 overview check • The title of Ch.4 Sec.2? • Ch.4 Sec.3, A, 2 heading? • & 4, What are 2 things that cause a “Change in Supply”? • Through 7, What are the 3 stages of production? • “the chg in qty demanded bc of chg in price that alters consumers’ real income”? • “decrease in satisfaction or usefulness from having one more unit of the same product”? • “a government payment to encourage or protect a certain economic activity”?

  9. BELL questions • What is the name of Chapter 4? What are the names of Sections 1, 2, & 3? • In your own words, what does the Law of Demand state? From whose perspective is Demand? • What two components are discussed when considering Demand (AND Supply)? • What is slope? What math concept is a “schedule” in economics class? What is its purpose? • In your own words, what is a demand curve? • In what direction does a demand curve slope? And why? • What is elasticity? Give an example of items with elastic and inelastic demand.

  10. Comparison chart categories • Along top: Demand & Supply • Down the left side: • Relationship between $ and qty. • Slope direction • Slope (positive or negative) • Graph with labeled axis and schedule • Changes… • Chg in qty.-factors affecting each and effect on graphs • Chg in-factors affecting each and effect on graphs

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