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Economics

Economics. Mid-Term Review Chapters 1 – 7. Concepts. Paradox of Value Opportunity Cost Trade-offs Economic Interdependence Capital Goods Productivity. Concepts. Production Possibilities Frontier What does it show? How is the information used? Entrepreneurs Who are they?

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Economics

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  1. Economics Mid-Term Review Chapters 1 – 7

  2. Concepts • Paradox of Value • Opportunity Cost • Trade-offs • Economic Interdependence • Capital Goods • Productivity

  3. Concepts • Production Possibilities Frontier • What does it show? • How is the information used? • Entrepreneurs • Who are they? • What is their role in the economy?

  4. 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

  5. Concepts • Multinationals • Conglomerates • Demand Curves • What are they? • Movement along the curve – Causes • Movement of the curve – Causes • Reading of

  6. Concepts • Demand Elasticity • Profit Maximizing Point • MC = MR • Law of Supply • Define • Supply Curves • What are they? • Reading of

  7. Concepts • Supply Curves • Movement along the curve – Causes • Movement of the curve – Causes • e-commerce • Why would businesses engage in? • Supply Elasticity

  8. Concepts • Production Schedule • Reading • Translating the schedule to a graph. • Market Supply • What does it show • Law of Supply • Define

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

  10. Concepts • Federal Minimum Wage Law • Competitive Market Economy • Price Support • Market Demand and Supply Schedules • Rationing – • What is it? • How does it work?

  11. Concepts • Market Equilibrium • Reading Graphs • Impact of changes in demand and supply on equilibrium. • Deficiency Payments

  12. Concepts • Market Structures • Characteristics/Descriptions • Perfect competition • Monopolistic Competition • Oligopoly • Monopoly • Types • Characteristics

  13. Chapter 1-1 –Visual Summary

  14. Chapter 1-2 –Visual Summary

  15. Chapter 1-3 –Visual Summary

  16. Chapter 2-1 –Visual Summary

  17. Chapter 2-2 –Visual Summary

  18. Chapter 2-3 –Visual Summary

  19. Chapter 3-1 –Visual Summary

  20. Chapter 3-2 –Visual Summary

  21. Chapter 4-1 –Visual Summary

  22. Chapter 4-2 –Visual Summary

  23. Chapter 4-3 –Visual Summary

  24. Chapter 5-1 –Visual Summary

  25. Chapter 5-2 –Visual Summary

  26. Chapter 5-3 –Visual Summary

  27. Chapter 6-1 –Visual Summary

  28. Chapter 6-2 –Visual Summary

  29. Chapter 6-3 –Visual Summary

  30. Chapter 7-1 –Visual Summary

  31. Chapter 7-2 –Visual Summary

  32. Chapter 7-3 –Visual Summary

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