REVIEWING THE FACTS (#s 1-6) pg. 110
1. Describe a demand schedule and a demand curve. How are they alike?
2. Explain how the principle of diminishing marginal utility is related to the downward-sloping demand curve.
3. Describe the difference between the income effect and the substitution effect.
4. Identify the 5 factors that can cause a change in market demand.
5. Describe the difference between elastic demand and inelastic demand.
6. Explain how the total expenditures test can be used to determine demand elasticity.CHAPTER 4-6 TEST: Feb 28, 2012
The rest of the week we will be checking our stocks, going over Chapters 5-6, then working on TEST PREP, and will continue to work on our projects. This week will be the first week of the 5th 6-Weeks! 12 weeks (plus Spring Break) left! Do great work!!!
**Online Link to ECON definitions (for those who hate carrying their not heavy textbook)