Study Guide – Economics of Supply and Demand

Date Due	Assignment
Mon., Mar. 24	Read handout on “Everything You Need to Know about Economics” Answer reading questions
Tues., Mar. 25	Continue to work on rough draft of research paper.
Weds., Mar. 26	Continue to work on rough draft of research paper.
Thurs., Mar. 27	FIRST DRAFT OF PAPER DUE!
Mon., Mar. 31	Complete “Supply” worksheets, pp. 75-76
Tues., Apr. 1	Continue to work on Supply worksheets– pp. 77-79
Weds., Apr. 2	Read pp. 19-23 and take notes
Thurs., Apr. 3	Complete practice problems.
Mon. Apr. 7	Review for test and continue to work on the FINAL DRAFT of your research paper!
Tues., Apr. 8	TEST on supply, demand, equilibrium, price floors/price ceilings, elasticity.
Weds., Apr. 9	CONTINUE TO EDIT RESEARCH PAPER!
Thurs., Apr. 10	Final Draft of Paper DUE!

Identifications for Economics

1.	Economics	13.	Scarcity	25.	Complementary goods
2.	Microeconomics	14.	Law of Demand	26.	Inverse relation
3.	Macroeconomics	15.	Law of Supply	27.	Price elasticity
4.	Material goods	16.	Law of Elasticity	28.	Elastic
5.	Services	17.	Downward sloping	29.	Inelastic
6.	Supply	18.	Upward sloping	30.	Unit elastic
7.	Demand	19.	Law of Self-Interest	31.	Inferior goods
8.	Scarcity	20.	Law of Economic Reality	32.	Suprlus
9.	Equilibrium	21.	Demand schedule	33.	Shortage
10.	Marginal	22.	Quantity demanded	34.	Price ceiling
11.	Aggregate	23.	Quantity supplied	35.	Minimum wage
12.	Competition	24.	Substitute Goods

For this unit, you should be able to

• explain what happens to prices when demand changes
• explain what happens to supply when price changes
• be able to graph supply and demand curves and explain how supply and demand curves shift in response to increases and decreases in costs and demand
• explain what opportunity costs are
• understand what the equilibrium price of an item is and why it will increase or decrease
• explain and understand what elasticity is and what substitute and complementary goods are
• explain what a price ceiling is and how it will affect the market