Economics: Mid-Term on Wednesday, March 12, 2014

Make sure that you know these items for midterm exams:

1. Demand 
2. Law of demand
3. Microeconomics 
4. Income effect
5. substitution effect 
6. Factors of demand: Consumer income, Consumer Expectations, Populations, Consumer  Tastes, Supplement Goods, Complimentary Goods
7. Elasticity of Demand 
8. Inelastic 
9. Elastic 
10. Elasticity Formula
11. Total Revenue Formula 
12. Economics 
13. Need 
14. Want 
15. Good 
16. Service 
17. Factors of Production: Land, Labor, Capital, Entrepreneurship
18. Opportunity Cost
19. Trade Offs 
20. Production Possibility Chart