Economics
Mid-Term Review
Chapters 1 – 7
Concepts
 Paradox of Value
 Opportunity Cost
 Trade-offs
 Economic Interdependence
 Capital Goods
 Productivity
Concepts
 Production Possibilities Frontier
 What does it show?
 How is the information used?
 Entrepreneurs
 Who are they?
 What is their role in the economy?
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
Concepts
 Multinationals
 Conglomerates
 Demand Curves
 What are they?
 Movement along the curve –
Causes
 Movement of the curve – Causes
 Reading of
Concepts
 Demand Elasticity
 Profit Maximizing Point
 MC = MR
 Law of Supply
 Define
 Supply Curves
 What are they?
 Reading of
Concepts
 Supply Curves
 Movement along the curve – Causes
 Movement of the curve – Causes
 e-commerce
 Why would businesses engage in?
 Supply Elasticity
Concepts
 Production Schedule
 Reading
 Translating the schedule to a graph.
 Market Supply
 What does it show
 Law of Supply
 Define
Concepts
 3 Stages of Production
 Identifying
 Characteristics
 Cost
 Total
 Fixed
 Variable
 Marginal
Concepts





Federal Minimum Wage Law
Competitive Market Economy
Price Support
Market Demand and Supply Schedules
Rationing –
 What is it?
 How does it work?
Concepts
 Market Equilibrium
 Reading Graphs
 Impact of changes in demand and supply
on equilibrium.
 Deficiency Payments
Concepts
 Market Structures
 Characteristics/Descriptions




Perfect competition
Monopolistic Competition
Oligopoly
Monopoly
 Types
 Characteristics
Chapter 1-1 –Visual Summary
Chapter 1-2 –Visual Summary
Chapter 1-3 –Visual Summary
Chapter 2-1 –Visual Summary
Chapter 2-2 –Visual Summary
Chapter 2-3 –Visual Summary
Chapter 3-1 –Visual Summary
Chapter 3-2 –Visual Summary
Chapter 4-1 –Visual Summary
Chapter 4-2 –Visual Summary
Chapter 4-3 –Visual Summary
Chapter 5-1 –Visual Summary
Chapter 5-2 –Visual Summary
Chapter 5-3 –Visual Summary
Chapter 6-1 –Visual Summary
Chapter 6-2 –Visual Summary
Chapter 6-3 –Visual Summary
Chapter 7-1 –Visual Summary
Chapter 7-2 –Visual Summary
Chapter 7-3 –Visual Summary