http://blogs.4j.lane.edu/kuzma_b/2018/09/26/economics-intro-day-12/
Economics: Day 12, Thurs/Mon, Sept 27th/Sept 28th
- Quiz 4
- Review PPC, S&D, Floors Ceilings
- Nintendo/Netflix Elasticities
- Work on Study Guide for Elasticities
No Homework
Study for test next Friday October 5th:
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, determinants of supply and demand, Normal good, Inferior good, Complementary good, Substitute good, price floors and ceilings, opportunity cost, ceteris paribus