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

Supply and Demand - Episode #4

EXTRA HELP RESOURCES

Unit 2 Outline 

Unit Summary Notes

UNIT CONCEPTS IN MEDIA

 EconMovies #4: Indiana Jones and Supply and Demand

Unit 2 Extra Help Resources
Instructor:  Mr.Magnani
 Kevin_Magnani@wrsd.net