The Chapter 5 Quiz will be held on Thursday, November 15.
Chapter 5 Learning Targets
| Learning Target #3: I can compare how supply, demand, price, equilibrium, elasticity, and incentives affect the working of a market. |
- Describe the Law of Supply.
- Use a supply schedule to describe the law of supply.
- Summarize what a point on the supply curve represents.
- Using a supply schedule, calculate the market supply
2. Describe factors that would lead to a shift in the supply curve or a change in the quantity supplied.
- Distinguish between the a shift in the quantity supplied and a shift in supply.
- Using a supply/demand graph, describe whether a shift in the supply curve is indicative of a decrease or increase in supply.
- Apply the Determinants of Supply to understand how the supply curve would be affected (what would cause a leftward vs. rightward shift).
3. Differentiate between an item with elastic supply and inelastic supply.
- List the Determinants of Supply Elasticity.
| Learning Target #2: I can analyze how the purposes and limits of business structures (EX: price, productivity and the role of investment) impact competitive markets. |
- Identify the types of costs a business will encounter (EX: fixed, variable, total, and marginal costs).
- Explain the measures that business use in the maximization of profit (total revenue, marginal revenue, marginal analysis, profit maximization)
- Differentiate between the 3 stages of production: increasing returns, diminishing returns, and negative returns.