WACHusett Regional H.S. ECONomics
"Inflating students' economic utility for the long-run!"
Microeconomics - Unit 2: Supply and Demand
MICRO UNIT 2 KEY STUDY GUIDE TERMS & CONCEPTS
market
inputs vs outputs
Demand vs. quantity demanded
Supply vs. quantity supplied
supply / demand schedule
Demand Curve
Supply Curve
Law of Demand
income effect
substitution effect
diminishing marginal utility
Law of Supply
Law of Increasing costs
Shifts vs Movements on S/D/graph
Factors shifting Demand
Factors Shifting Supply
substitute. vs complementary goods
normal vs inferior goods
shortages
surpluses
market equilibrium
market price and output
price controls (floors and ceilings)
ineffiicency in economics
price elasticity of demand and supply
income elasticity of demand
cross elasticity of demand
simple formula for elasticity coeeficient
midpoint formula for elasticity coefficient
elastic good characteristics
inelastic good characteristics
perfectly elastic
perfectly inelastic
unit elastic
total revenue
total revenue test
sales (quantity) effect
price effect
POWERPOINTS & NOTES
ASSIGNED VIDEOS
ASSIGNED WORK
MJMFOODIE VIDEOS
Demand
Change in D v. Change in QD
Price Elasticity of Demand
ACDC ECON VIDEOS
Demand and Supply Explained 2.1 video
Demand and Supply Explained 2.2 video
Equilibrium Price and Quantity
WELKER ECON CLASSROOM VIDEOS
Calculating and Interpreting PED
Cross PED and its Determinants
Income ED and its Determinants
CRASH COURSE VIDEOS
EXTRA HELP RESOURCES
Unit Summary Notes
UNIT CONCEPTS IN MEDIA
EconMovies #4: Indiana Jones and Supply and Demand
MJMFoodie Economic Episodes:
MJMFoodie Economic Episodes:
MJMFoodie Economic Episodes: