Demand
Demand
Demand Curve
Law of Demand
Law of Diminishing Marginal
Utility
Quantity Demanded
Demand
Change in Quantity Demanded
(what causes it?)
Complements
Substitutes
Determinants of Demand
(things that cause the demand to shift)
Normal goods - definition
and examples
Inferior goods - definition
and examples
Neutral goods - definition
and examples
Elasticity of Demand ~ know
the equation and be able to use it: refer to examples in your notes!!
Elastic - definition and examples
Inelastic - definition and
examples
Unit-elastic - definition
Determinants of Elasticity
(things that determine whether or not a good is elastic/inelastic)
Total Revenue (TR) = P x Q
Total Cost (TC) = per unit
cost x Q
Profit = TR - TC
Relationship between TR and
Elasticity
Supply
Supply
Supply Curve
Law of Supply
Quantity Supplied
Change in Quantity Supplied
(what causes it? how do we show it?)
Change in Supply (how do we
show it)
Determinants of Supply
(things that cause the supply curve to shift)
S & D Together
Equilibrium
Equilibrium Price
Surplus - what causes it?
what will happen to prices?
Shortage - what causes
it? what will happen to prices?
Price as a rationing device
and advantages of Prices
Inventory
How changes in supply or demand
affect equilibrium price
*Complete the Review Sheet on a separate sheet
for up to 5 points on the Test!
Notebook Check
Classnotes:
Demand
Elasticity and TR
Supply
Handouts:
Demand Review (Do Now)
Elasticity Packet & Questions
Economics Practice Worksheet
(TR)
Supply Packet (A Day: questions
too)
Supply and Demand Together
(Corn Auction)
Practice Problems Worksheet
Test Review Sheet
Quizzes/Tests:
State/Local Test
Econ 1 Quiz
Econ 1 Test
Demand Quiz (B day only)
HW/Classwork:
none