Students worked on the chapter study.
Mr. Zartler handed out the following study guide:
Mr. Zartler handed out the following study guide:
Micro-Economics Test Study Guide
Test
Date: Monday, 6 April (Make up Thursday, 9 April during tutorial)
Vocabulary:
Value
Wants
Needs
Supply
Demand
Scarcity
Cost
Economy
Opportunity
Cost
Consumer
Return
on Investment (ROI)
Risk
Budget
Income
Capital
Investment
Credit
Principal
Interest
Debt
Deficit
Consumer
Producer
Market
Opportunity
Cost
Law of
Supply
Surplus
Shortage
Law of
Diminishing Returns
Fixed
Cost
Marginal
Cost
Economies
of Scale
Compounding
Interest
9 February
Supply
& Demand & Cost (Price)
11 February and 5
March
Minimum
Wage
24 February
Supply
& Demand & Cost in the Labor Market
26 February
1) Are wages following the trends
that traditional economics would suggest?
2) Given the quote: "The absence of meaningful gains in American workers' pay has been one of the lingering problems in the economy." Say why.
3) Given that inflation is the decrease in the value of money over time .... If there _is_ inflation, why is wage growth important to the economy?
2) Given the quote: "The absence of meaningful gains in American workers' pay has been one of the lingering problems in the economy." Say why.
3) Given that inflation is the decrease in the value of money over time .... If there _is_ inflation, why is wage growth important to the economy?
9 March
Inferior
Goods & Normal Goods
5 March
Demand
and Supply and Cost and EQUILIBRIUM
Law of
Supply
17 March
Production
and Cost
30 March
Much of
Economics is based on the assumption of rationality; do people always make
rational choices?
How can
your understanding of the economics we have discussed and studied help you make
well-informed (and hopefully good) decisions about your future?
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