ELPS Assignment Sheet: April 9^th – April 22^nd

Due Date	Assignment
Wed., April 9^th	Finish final draft of research paper – due tomorrow!
Thurs., April 10^th	Research paper due!
Fri., April 11^th	1. Read handout on monopolies. 2. Highlight or take notes. Be able to explain the following terms: monopoly, oligopoly, price takers and price searchers
Mon., April 14^th	1. Read “Keeping the Competition Out” 2. Read “Education and Choice” 3. Answer the questions at the end. Be prepared to discuss in class for a graded discussion
Tues., April 15^th	1. Read pp. 52-60 and write out definitions of the following terms: law of diminishing marginal returns, economies of scale, fixed cost, variable cost, marginal revenue, marginal cost, shutdown point
Wed., April 16^th	1. Read externalities handout and highlight/take notes in margins 2. Define what negative and positive externalities are 3. Make a list of the different approaches to fighting pollution and the advantages and disadvantages are of each. Be prepared to discuss this in class
Mon., April 21^st	Study for Test!
Tues., April 22^nd	Test

Review Guide

For the test, you must understand the following concepts:

Specialization of labor

Economies of scale

Law of diminishing marginal returns

Negative externality (give examples)

Positive externality (give examples)

Fixed costs vs. variable costs

Pure competition

Pure monopoly

Oligopoly

Cartel

Corporation

Types of economic systems:

Mixed, tradition, command, market

Laissez-faire capitalism

Mixed capitalism

Adam Smith

John Maynard Keynes

Karl Marx

How government aids monopolies