Economics Terms to Know...

 Economics Terms to know for

1. Shark Tank PBL Presentations:  Monday, May 12, 2014

2. Final Exam : Friday, May 16, 2014

1.    Demand

2.    Scarcity

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 

21.  Supply Curve

22.  Demand Curve

23.  Demand Schedule

24.  Supply Schedule

25.  Equilibrium

26.  Disequilibrium

27.   Shortage  (Causes& Impact )

28.  Surplus (Causes& Impact )

29.  Price Ceiling (example)

30.  Price Floor  (example)

31.  Law of supply

32.  Law of Demand

33.  Shifts of Supply (input prices, technology, subsidies, taxes, regulation, future expectations, number of sellers)

34.  Prices

35.  Fixed cost

36.  Variable cost

37.  Total cost

38.  Marginal cost

Additional Notes:

1.    Answers can be found on in your notes covering Chapters 1,2,3,5 &6.

2.    Presentations questions will include questions formed from this list.