Economics Chapter 4 Review.

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Presentation transcript:

Economics Chapter 4 Review

Vocabulary Words demand substitutes elastic demand schedule marginal utility

Vocabulary Words microeconomics change in quantity demanded unit elastic substitution effect elasticity

Concepts Demand Curves What are they? Movement along the curve – Causes Movement of the curve - Causes

Concepts Change in Quantity Demand Page 98

Concepts Change in Demand Page 99

Concepts Demand Schedules What are they? What do they show? How are they constructed?

Concepts Elasticity of Demand Three types of Elasticity Inelastic Unit Elastic How are they calculated?

Concepts Elasticity of Demand Page 104

Concepts Elasticity of Demand Page 105

Concepts Elasticity of Demand Determinants of Elasticity Can the purchase be delayed? Are adequate substitutes available? Does the purchase use a large portion of income?

Concepts Market Demand Total Revenue/Receipts/Expenditures Test Determining Elasticity Elasticity and Revenue Relationships Market Demand Determining the market demand for a product

Essay Questions Explain how changes in consumer tastes and consumer incomes affect demand.

Essay Questions Determine whether the demand curve is elastic, inelastic or unit elastic. Using the total expenditures test, explain how you know.

Essay Questions Explain, using the concepts presented in the chapter, the income effect and how it is related to the Law of Demand.

Essay Questions Explain how understanding elasticity of demand can help businesses set prices for their products.