Unit 2 microeconomics study guide
[DOC File]Microeconomics Review #1
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Unit 1: Basic Economics Concepts Key Terms (Define the following) 3 Economic Systems 1. Scarcity. 2. Positive vs. Normative Economics. 3.Trade-offs. 4. Opportunity Cost. 1. Centrally Planned Economies (Communism) 2. Free-Market Economies (Capitalism) 3. Mixed Economies ... Microeconomics Review #1 ...
[DOC File]Honors Economics Unit 2 Study Guide
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Microeconomics Study Guide WITH ANSWERS. The study guide needs to be completed on another sheet of paper. 1. What is demand? (79) Desire for something and the ability to pay for it. 2. What does the law of demand state? (79) If price of a good decreases, demand increases. If price increases, demand decreases. 3.
[DOC File]Microeconomics Review #1
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2. If the real interest rate is -2% and the nominal interest rate was 3%, what was the inflation rate? Causes of Inflation Quantity Theory of Money. 1. 2. 3. Quantity Theory of Money Equation: ____ x____=____x____ Assume the amount of money is $5 and it is being used to buy 10 products with a price of $2 each. 1. How much is the velocity of ...
[DOC File]Microeconomics Review #1
https://info.5y1.org/unit-2-microeconomics-study-guide_1_cc78f0.html
1. 2. 3. Nominal GDP-Real GDP-GDP Deflator- Business Cycle GDP Deflator Practice Label peak, recession/contraction, trough, expansion . Real GDP. Time 1. The Nominal GDP is $100 billion and the Real GDP is $80 billion. Calculate the GDP deflator. 2. The Real GDP is $100 billion and the GDP deflator is 200. Calculate the Nominal GDP. 3.
[DOCX File]Class set of Study Guides - Henry County Schools
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Part I of Study Guide: Standards Involved SSEF2 SSEMI1 SSEF6 SSEF1. Chapter 1. 1. Define scarcity? 2. Identify the countries in the world affected by scarcity? 3. Identify the factors of production and list examples of each? 4. Identify what payments for each of the factors of production are called?5.
[DOC File]Microeconomics Review #1
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1 20 2 30 3 60 3.33 23.3 4 100 2.5 27.5 Assume this firm is in a perfectly competitive market and the price is $35 for each box. 1. How many boxes should they produce? Why? 2. Calculate the profit at that quantity Shut Down Point* Per-Unit vs. Lump-Sum* Shut Down Rule: Short-Run Supply Curve: 1.
[DOC File]Unit One Review Guide - Ms. Brown's Economics Classes
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Unit 2 Microeconomics Review Sheet. Microeconomics is defined as that part of economic analysis that: Give two examples of something a Microeconomist would study: The primary incentive motivating entrepreneurial activity: Define the Law of Demand. Define the Law of Supply
[DOC File]Microeconomics Unit 2 Study Guide
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Microeconomics Unit 2 Study Guide. 1. Consumers are told that the consumption of broccoli will significantly reduce the risk of cancer. What will happen to the demand of broccoli? 2. At the market equilibrium clearing price, _____ equals _____. 3. If a demand curve shifts to the right, the demand has _____.
[DOC File]Free Webs
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Study Guide – Unit II (Chapters 18, 20-24, 26) Big Picture: The Microeconomics of Product (and Resource) Markets extends the discussion of supply and demand to include “price elasticity,” a measure of consumers’ and producers’ responses to price changes; it then analyzes markets in which government sets maximum or minimum prices.
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