Scribd
Upload
851 views1 page

Economics Chapter 3 Study Guide

This economics study guide covers key concepts in supply and demand including individual vs market demand and supply curves, elasticity, marginal costs and returns, factors that shift curves, price controls, surpluses and shortages, and complements. It also provides an overview of how a price-based market system compares to a barter system and discusses the role of government price supports and non-price factors.

Uploaded by

cyndalea
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
851 views1 page

Economics Chapter 3 Study Guide

This economics study guide covers key concepts in supply and demand including individual vs market demand and supply curves, elasticity, marginal costs and returns, factors that shift curves, price controls, surpluses and shortages, and complements. It also provides an overview of how a price-based market system compares to a barter system and discusses the role of government price supports and non-price factors.

Uploaded by

cyndalea
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

Economics Chapter 3 Study Guide: Supply and Demand

Individual Demand Curves vs. Market Demand Curves


Complementary goods
Individual Supply Curves vs. Market Supply Curves
Supply Inelasticity
Supply Elasticity
Demand Inelasticity
Demand Elasticity
Marginal Cost
Marginal Revenue
When to stop producing
Diminishing Marginal Returns
Shift Right
Shift Left
Cost of Production and Supply
Benefit of price in a market-based economy
Law of Demand
Law of Supply
Advertising and Demand
Marginal returns
Price equilibrium
Government price supports
Price ceiling
Price floor
Surplus
Shortage
Substitutes
Factors affecting demand
Factors affecting supply
Horizontal axis
Vertical axis
Profit motive
Essay:
Barter system vs. price-based free market system
Government price supports
Non-price determinants for supply or demand

You might also like