1. Economics Mid-Term Review Chapters 1 – 7

2. Concepts  Paradox of Value  Opportunity Cost  Trade-offs  Economic Interdependence  Capital Goods  Productivity

3. Concepts  Production Possibilities Frontier What does it show? How is the information used?  Entrepreneurs Who are they? What is their role in the economy?

4. Concepts  Free Enterprise Economy How does it function? Which group drives the economy? Role of the government?  The 3 types of Businesses Sole Proprietorships Partnerships Corporations

5. Concepts  Multinationals  Conglomerates  Demand Curves What are they? Movement along the curve – Causes Movement of the curve – Causes Reading of

6. Concepts  Demand Elasticity  Profit Maximizing Point MC = MR  Law of Supply Define  Supply Curves What are they? Reading of

7. Concepts  Supply Curves Movement along the curve – Causes Movement of the curve – Causes  e-commerce Why would businesses engage in?  Supply Elasticity

8. Concepts  Production Schedule Reading Translating the schedule to a graph.  Market Supply What does it show  Law of Supply Define

9. Concepts  3 Stages of Production Identifying Characteristics  Cost Total Fixed Variable Marginal

10. Concepts  Federal Minimum Wage Law  Competitive Market Economy  Price Support  Market Demand and Supply Schedules  Rationing – What is it? How does it work?

11. Concepts  Market Equilibrium Reading Graphs Impact of changes in demand and supply on equilibrium.  Deficiency Payments

12. Concepts  Market Structures Characteristics/Descriptions  Perfect competition  Monopolistic Competition  Oligopoly  Monopoly Types Characteristics

13. Chapter 1-1 –Visual Summary

14. Chapter 1-2 –Visual Summary

15. Chapter 1-3 –Visual Summary

16. Chapter 2-1 –Visual Summary

17. Chapter 2-2 –Visual Summary

18. Chapter 2-3 –Visual Summary

19. Chapter 3-1 –Visual Summary

20. Chapter 3-2 –Visual Summary

21. Chapter 4-1 –Visual Summary

22. Chapter 4-2 –Visual Summary

23. Chapter 4-3 –Visual Summary

24. Chapter 5-1 –Visual Summary

25. Chapter 5-2 –Visual Summary

26. Chapter 5-3 –Visual Summary

27. Chapter 6-1 –Visual Summary

28. Chapter 6-2 –Visual Summary

29. Chapter 6-3 –Visual Summary

30. Chapter 7-1 –Visual Summary

31. Chapter 7-2 –Visual Summary

32. Chapter 7-3 –Visual Summary