Unit 2 Assignments - How the Markets Work
Chapters 4-7, pgs. 76-180.
1. In Section 3 (Classwork) – Unit 2 Key Terms For each term below, give a 1-2 bullet point definition of the term and include a
picture that represents the term. More points awarded for colored pictures. These DO NOT have to be large.
Demand
Demand and Supply
Schedule
Market Price
Normal v. Inferior Goods
Elastic v. Inelastic
Price Ceiling and Price
Floor
Subsidy
Regulation
Excise Tax
Equilibrium
Minimum Wage
Trust
Price Fixing
Cartel v. Collusion
Income Effect
Marginal Cost and
Marginal Revenue
Black Market
Commodity
2. In Section 3 (Classwork) – Unit 2 Major Concepts. Do a 6-8 sentence paragraph for each of the ideas below telling
information and facts about the term. Make sure you explain the concept well enough so that anyone would understand
the topic.
Law of Supply
Law of Demand
Four Production Costs
Supply and Demand Curve (Include a
Graph)
Surplus v. Shortage
Competition (include Monopoly,
Oligopoly, Market Power)
Marginal Returns
Compare Compliments and Substitutes
3. In Section 4 – Essay – In 2-3 pages Explain how supply and demand relate to your post-high school life.
Think About – College acceptance, Major choice, Job/Career Path, Family Life, Paying Bills, Providing
happiness, providing for your retirement, and any other ideas you can come up with.
Unit 2 Assignments - How the Markets Work
Chapters 4-7, pgs. 76-180.
1. In Section 3 (Classwork) – Unit 2 Key Terms For each term below, give a 1-2 bullet point definition of the term and include a
picture that represents the term. More points awarded for colored pictures. These DO NOT have to be large.
Demand
Demand and Supply
Schedule
Market Price
Normal v. Inferior Goods
Elastic v. Inelastic
Price Ceiling and Price
Floor
Subsidy
Regulation
Excise Tax
Equilibrium
Minimum Wage
Trust
Price Fixing
Cartel v. Collusion
Income Effect
Marginal Cost and
Marginal Revenue
Black Market
Commodity
2. In Section 3 (Classwork) – Unit 2 Major Concepts. Do a 6-8 sentence paragraph for each of the ideas below telling
information and facts about the term. Make sure you explain the concept well enough so that anyone would understand
the topic.
Law of Supply
Law of Demand
Four Production Costs
Supply and Demand Curve
(Include a Graph)
Surplus v. Shortage
Competition (include Monopoly,
Oligopoly, Market Power)
Marginal Returns
Compare Compliments and
Substitutes
3. In Section 4 – Essay – In 2-3 pages Explain how supply and demand relate to your post-high school life.
Think About – College acceptance, Major choice, Job/Career Path, Family Life, Paying Bills, Providing
happiness, providing for your retirement, and any other ideas you can come up with.