Unit 2 Assessment
Review
We will be using Cornell Note Taking
Format Today!
Don’t be a victim…..
Own the day!
Relax and enjoy the ride
in Econ. Class!
Unit Two: Learning Objectives:
North Clackamas School District
Social Studies Priority Standards:
• HS.51 (A): Explain how supply and
demand represents economic activity
and describe the factors that cause them
to shift.
Go directly to your notes. Do not pass go. Do not collect $200!:
ECON,
ECON!!!
Mr. Kirby: “Was it
“Mouse Trap”
and “Typing?”
“Price goes
down…
Demand goes
sideways?”
I should have taken
Cornell Notes
Everyday!
1. An increase in income results in a(an) _____________
in demand for steak.
increase
2. An increase in income results in a(an) _____________in
demand for spam.
decrease
3. A decrease in the number of buyers [consumers] in the market will
___________
________ “D”.
decrease demand for all goods. An incr in # of buyers will increase
4. A decrease in the price of a complementary good results in a(an)
_____________
in demand for another complementary good.
increase
5. An increase in the price of substitute good results in a(an)___________
increase
in demand for another substitute good.
6. An increase in taste for an item results in a(an) ___________
increase in demand.
7. An increase in the price of a complementary good results in a(an)
__________in
decrease demand for the other complementary good.
8. An expectation that the price of a commodity will be higher in the future
than it is now will ____________
its current demand.
increase
9. An increase in the number of buyers [consumers] in the market will
increase “D” for inferior goods.
increase “D” for normal goods and ________
_________
10. If the price of the iPad is expected to increase, there will be an _________
increase in “D”.
S
D1
P
P
(A)
D
S
P
(B)
D
S1
P
(C) RATNEST (D)
S1
How many legs does this elephant have?
.
If one of the hearts turns blue, U will
make at least a “B” on the next test.
Now keep staring, if U only see
one blue and the others go away
U will make an “A”.
OK, that last statement may not be true!
Graphing Review
 Complete the graphing review sheet and
turn directly into me.
Show me your Cornell Notes and I will
give you
a “Cheat Card” for Unit 2 Final
Assessment.
Unit Two Assessment
“Cheat Card” Rules:
 I need to check to see you have Cornell Notes.
 Must fill out card in class and turn into me at end of the
period.
 Can use front and back of card. Write as small as you
would like.
 I will give you 40 minutes to fill out your card
 Economic concepts to be covered on the test will be
shown on the following slide
Unit Two Assessment:
Economic Concepts to be covered:
 Law of Demand and Law of Supply.
 Explanations and examples of “Q” vs. “QD” and “S” vs. “QS.”
 Detailed definition and examples on “Elastic” and
“Inelastic” supply and demand.
 Determinants of Demand (T-I-M-E-R) with examples.
 Determinants of Supply (R-A-T-N-E-S-T) with examples.
 “Price Floor,” “Price Ceiling” and “Equilibrium”
 Know how to create a demand/supply schedule and convert into a
demand/supply curve.