1. Economics
Chapter 4 Review

2. Vocabulary Words demand substitutes elastic demand schedule
marginal utility

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

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

5. Concepts
Change in Quantity Demand
Page 98

6. Concepts
Change in Demand
Page 99

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

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

9. Concepts
Elasticity of Demand
Page 104

10. Concepts
Elasticity of Demand
Page 105

11. 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?

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

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

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

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

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