BUSINESS HIGH SCHOOL-ECONOMICS

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BUSINESS HIGH SCHOOL-ECONOMICS Factors Affecting Demand Elasticity of Demand Demand Unit 2 Marginal Utility Microeconomics Demand Schedule Law of Demand Demand Curve Essential Learning Expectations: Explain the relationship between price and demand. Understand the foundations for the law of demand. Discuss ways to illustrate demand. Differentiate between demand and marginal utility. Describe the reasons for change in the quantity demanded. Develop an understanding of the total expenditures test. List the determinants of demand elasticity. Content Vocabulary: Elasticity Marginal utility Diminishing marginal utility Substitute Complement Inelastic Unit elastic Microeconomics