Download Please review and make sure that you understand

UNIT 2 EXAM REVIEW
Please review and make sure that you understand these key terms. Do not just memorize them! What
you make on the test is up to you and you will receive the grade you earn. The exam is 48 multiple
choice questions and 1 essay. You will have all class period to take this exam.
Chapter 4
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Microeconomics
Demand
Demand Schedule
Demand Curve
Law of Demand
Market Demand Curve
Marginal utility
Diminishing Marginal
Utility
Demand Changes
Substitute
Complement
Elasticity
Demand Elasticity
Elastic vs Inelastic
demand
Unit elastic demand
Total expenditures
Chapter 5
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Supply
Supply Schedule
Supply Curve
Law of Supply
Market Supply
Curve
Change in quantity
supplied
Change in supply
Subsidies
Supply elasticity
Short run
Long Run
Law of Variable
Proportion
Production
Function
Total product
Marginal Product
Stages of
Production
Diminishing
returns
Total cost
Fixed Cost
Variable cost
Marginal Cost
Marginal Revenue
Chapter 6
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Prices
Theory of Competitive
Pricing
Competitive Market
Rationing
Ration coupons
The economic model
Market equilibrium
Surplus
Price Ceiling
Non-Recourse Loan
Deficiency Payments
Target Price
Minimum Wage