Download Economics - Hamilton

Economics - Hamilton
Supply and Demand Test Review
Define and give examples of each of the following terms and concepts. If there is a graph or schedule associated
with the term, please sketch it.
DEMAND:
 Supply Curve
 Definition of “economic” demand
 Define quantity supplied
 Demand schedule
 Changes in Supply
 Demand curve
 Government Intervention
 Change in quantity demanded
 Producer Expectations
 Change in demand
 Technology
 Law of demand
 Competition
 Shifts in the demand curve
 Prices of Factors of Production/resources
 Consumer Income
 Price of related goods
 Consumer Tastes/Expectations
 Relationship between price and supply
 Substitutes
EQUILIBRIUM PRICE:
 Complements
 Who likes equilibrium price?
ELASTICITY OF DEMAND:
 Define Equilibrium
 Definition
 Surplus
 Elastic Demand
 Shortage
 Inelastic Demand
 Equilibrium price in a schedule
 Elasticity equation (be able to use it)
 What happens when the price is set above or
SUPPLY:
below the equilibrium price
 Definition of Supply
 Equilibrium Price in a graph
 Law of Supply
Economics - Hamilton
Supply and Demand Test Review
Define and give examples of each of the following terms and concepts. If there is a graph or schedule associated
with the term, please sketch it.
DEMAND:
 Supply Curve
 Definition of “economic” demand
 Define quantity supplied
 Demand schedule
 Changes in Supply
 Demand curve
 Government Intervention
 Change in quantity demanded
 Producer Expectations
 Change in demand
 Technology
 Law of demand
 Competition
 Shifts in the demand curve
 Prices of Factors of Production/resources
 Consumer Income
 Price of related goods
 Consumer Tastes/Expectations
 Relationship between price and supply
 Substitutes
EQUILIBRIUM PRICE:
 Complements
 Who likes equilibrium price?
ELASTICITY OF DEMAND:
 Define Equilibrium
 Definition
 Surplus
 Elastic Demand
 Shortage
 Inelastic Demand
 Equilibrium price in a schedule
 Elasticity equation (be able to use it)
 What happens when the price is set above or
SUPPLY:
below the equilibrium price
 Definition of Supply
 Equilibrium Price in a graph
 Law of Supply