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Standard of living
Centrally planned economy
Law of demand
Law of supply
Elasticity of supply
Marginal product of labor
Increasing marginal returns
Articles of partnership
Uniform Partnership Act (UPA
Limited liability partnership (LLP)
Closely held corporation
Publicly held corporation
Multinational corporation (MNC)
Unit 1 review. 1.Economics 2.Scarcity 3.Trade-off 4.Opportunity cost 5.Marginal cost 6.Factors of production 7.Gross Domestic Product (GDP) 8.Productivity.
Midterm Vocabulary Studyguide. Economics Midterm Vocabulary 1) scarcity 2) land 3) capital 4) labor 5) entrepreneurs 6) consumer 7) goods 8) services.
Chapters 4, 5 & 6. The Law of Demand As Price Increases, Demand Decreases As Price Decreases, Demand Increases.
1. absolute advantage 2. capital 3. command economy.
Chapter 1 Vocabulary 1. Need 2. Want 3. Scarcity 4. Economics 5. Entrepreneur 6. Factors of production 7. Trade-off 8. Opportunity cost 9. Thinking at.
Supply & Demand Chapters 3, 4, & 5. Chapter 3 Demand – True demand meets 2 requirements: 1 2 Law of Demand Demand Curve: Demand Schedule: Diminishing.
UNIT 7 PAGES OVERVIEW OF THE US ECONOMY. OVERVIEW OF BASIC ECONOMIC SYSTEMS Traditional : based on customs and traditions Command : government.
Demand and Supply. Main idea: Demand includes only those people who are willing and able to buy.
Key Concepts Unit Start of UNIT Scarcity 196. Choice 197. Cost and benefits.
Chapter 1- 3 Chapter 4- 6 Chapter 7-9 Chapter
VOCABULARY REVIEW CHAPTERS 4-6. Vocabulary Chapter 4 ____________ is the amount of money a firm receives by selling its goods. Total revenue When the.
Goal 8 Analyze Features of the US Economic System.
Goal 8 Economics II Topic 1: Types of Economies Topic 2: Supply/Demand Topic 3: Business Organization Topic 4: Managing Money & Banking Topic 5: Consumer.
Benchmark Review 1.How do economists define scarcity? 2.What is the difference between scarcity and shortage? 3.What are the three factors of production?
Market Economies at Work: Supply and Demand. Demand $ The Desire for a Good or Service and the Ability to Pay for It.
Supply, Demand, and the Price System. Quick Review – the following information should be in your notes already.
Economics Key Terms Economics need want law of scarcity producer consumer factors of production supply demand law of supply law of demand price equilibrium.
Economics Unit Review Please select a Team. 1.Team 1 2.Team 2 3.Team 3 4.Team 4 5.Team 5 0 of 5 10.
Unit 1 Basic Economic Concepts 8-12% 4-7 MCQs – all 3 SAQs.
Foundations of Economics Principles, Types of Economies, Supply and Demand.
Demand, Supply, and Market Equilibrium 3 McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Demand, Supply, and Market Equilibrium Chapter 3 Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Define economics The study of how people seek to satisfy their needs and wants by making choices.
Most Important Micro Graphs. Non-graph Concepts Comparative Advantage problems –Calculating opportunity costs –Calculating terms of trade Elasticity –Calculating.
CH. 7: DEMAND AND SUPPLY A. DEMAND 1. “The MARKETPLACE” 2. DEMAND 3. MARKET 4. VOLUNTARY EXCHANGE 5. LAW OF DEMAND (P QD )
Microeconomic Challenges Economics Unit 2 Review.
Part I REVIEW FOR THE ECONOMICS Semester Exam. The combination of unlimited wants and limited resources combine to cause scarcity.
Unit 8: Introduction to Economics By Emily Stine, Philip Hinton, Cassidy Nye, and Nick Ostendorff.
O How does scarcity influence the decisions people make? o What is the difference between a need and a want? o How does Opportunity Cost and the Law of.
THE MARKET SYSTEM and the Circular Flow Model An economic system is an organized way a society provides for the wants and needs of its people, or how a.
Demand & Supply Edited By :- Krishan Jangra MARKETS DEFINED MARKETS POTENTIAL SELLERS POTENTIAL BUYERS.
SSEMI3 The student will explain how markets, prices, and competition influence economic behavior. a. Identify and illustrate on a graph factors that cause.
Basic Economics (55-61). 1. Joe has $100. He needs a new jacket and would like to buy a pair of tickets for Sunday’s game. He cannot afford both. He buys.
Unit 4 Economics Supply and Demand. income effect Any increase or decrease in consumers’ purchasing power caused by a change in price.
Chapter 6: Demand, Supply & Markets The Supply Curve Supply The quantities of a good or service that sellers are willing and able to sell at various.
Copyright 2011 The McGraw-Hill Companies 3-1 Demand Individual Demand Determinants of Demand Supply Individual Supply Determinants of Supply Market Equilibrium.
Unit 2: Elements of a Market Economy Chapter 4: Demand Chapter 5: Supply Chapter 6: Price Chapter 7: Competition.
Questions on Demand, Supply, Price. What is the law of demand states.
Demand Demand is a schedule or curve that shows the various amounts of a product that consumers will buy at each of a series of possible prices during.
ECONOMICS. WHAT IS ECONOMICS The study of how society chooses to use resources, to produce and distribute goods and services for peoples consumption Isms.
Main Definitions Market: –All situations that link potential buyers and potential sellers are markets. Demand: –A demand schedule shows price and quantity.
Chapter 6: Equilibrium Review BINGO. Excise Tax A tax that is placed on items the government believes is “harmful” to people” Example: Cigarettes & alcohol.
Excise Tax And Allocative Efficiency. Effect of a $.15 Excise Tax QuantitySupply Price Before Tax Supply Price After Tax.
Scarcity and Shortage Scarcity occurs when there are limited quantities of resources to meet unlimited needs or desires Shortages occur when producers.
World Economic Systems. Factors of Production These are the three fundamental questions that determines the economic system: These are the three fundamental.
Complete #1 on page 7. Number your definitions (18)
SUPPLY AND DEMAND. LAW OF DEMAND PRICES CHANGE AND PEOPLE BUY MORE OR LESS OF A PRODUCT. MUST BE WILLING AND ABLE TO BUY.
Ch. 4 - Demand Sect. 1 - Understanding Demand Demand - The desire to own something and the ability to pay for it Law of Demand - The lower the price of.
Scarcity is everywhere! When a choice is made, the opportunity cost is the value of what is given up. Therefore, all countries must make choices.
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