http://blogs.4j.lane.edu/kuzma_b/2017/09/27/economics-day-11/
Economics: Day 9, Weds/Thurs, Sept 27th/Sept 28th
- Quiz 4
- Continue Price Controls and Band Lecture
- Practice Worksheet
No Homework
Study for test next Friday October 6th:
Definition of Economics, Buffer stock/price support schemes, difference between micro and macroeconomics, land, labor, capital, enterprise, PPC curves (points along, shifts), differences between market economy and command economy, opportunity cost, positive and normal statements, Karl Marx vs. Adam Smith (planned vs. laissez-faire), Law of Demand, Law of supply, shifting demand and supply curves, Normal good, Inferior good, Complementary good, Substitute good, price floors and ceilings