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UNIT 2: How Markets Work: Who Benefits from the Free Market Economy? I do not understand or have never heard of this I can remember some things but am unsure I can explain these ideas to others LEARNING TARGETS: 1. I can explain the law of demand and differentiate between demand and quantity demanded. a. b. Additional Terms – demand schedule, market demand, demand curve Text Pages – 85-90 2. I can identify and give examples of determinants of demand, explaining how each affects demand for a good or service. a. b. Additional Terms – normal good, inferior good, substitutes, complements, income effect Text Pages – 91-96 3. I can describe elasticity of demand and explain the factors that make a demand curve more or less elastic. a. b. Additional Terms – inelastic, elastic Text Pages – 97-102 4. I can explain the law of supply and differentiate between supply and quantity supplied. a. b. Additional Terms – supply schedule, market supply, supply curve Text Pages – 110-113 5. I can identify and give examples of determinants of supply, explaining how each affects supply for a g or s. a. b. Additional Terms – input costs, subsidy, excise tax, regulation Text Pages – 123-127 6. I can explain how supply and demand interact to form an equilibrium price in a market. a. b. Additional Term – supply shock Text Pages – 133-134, 141-147, 151 7. I can analyze the causes and effects of surpluses and shortages in a market. a. b. Additional Terms – disequilibrium, price ceiling, price floor, rent control, minimum wage Text Pages – 134-140 8. I can correctly draw, label, interpret and explain supply and demand graphs, including shifts and changes in equilibrium. a. b. Additional Terms – Know the Econ Cheer! Text Pages – 88-90, 92, 112-113, 125, 143, 147 ** The graphic organizers on pages, 105, 129, and 155 are excellent study aids for this unit.** Wednesday, Feb. 27th Wednesday, Mar. 13th Friday, Mar. 15th Ch. 4 Homework Due Ch. 5 & 6 Homework Due Study Guide Due **Day of Unit 2 TEST**
