Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Unit 2 Study Guide
Document related concepts
Transcript
2015 Unit 2 Study Guide & Review Questions Unit 2 (Ch. 4, 5, & 6) Concepts/Vocab to Know: Demand Quantity demanded Law of Demand Law of diminishing marginal utility Substitution Effect Income Effect Individual demand schedule Market Demand Schedule Demand Curve Normal Goods Inferior Goods Complements Substitutes Supply Quantity Supplied Law of Supply Law of Diminishing Marginal Returns Individual Supply Schedule Market Supply Schedule Supply Curve Taxes/Regulations Subsidy Market Market Supply & Demand Schedule Equilibrium Shortage Surplus Price Floor Price Ceiling Both Curves shifting & indeterminate outcomes Models to know: Supply and Demand o Movements along a given curve as opposed to a shift of the curve o Determinants that shift the supply and demand curves o Which way increases and decreases shift the curves o Equilibrium and changes to equilibrium o Shortages and surpluses and how the market will correct o Floors and ceilings and where they have an effect and where they don’t Be able to: Analyze scenarios to pick out the determinant and which curve it affects Understand how a determinant will affect a respective curve and what that shift will result in Analyze changes in market equilibrium Read, analyze, and interpret data from a market graph or schedule Apply floors and ceilings to markets and analyze impact on the market
