Review Sheet
Law of Supply Law of Demand Elastic/inelastic Equilibrium Supply Schedule Income Effect
Ceteris paribus inferior goods Disequilibrium price ceiling price floor Demand Schedule
Elasticity of Demand- (equations- p.92)
Determinants of Demand (income, expectations, tastes/preferences, substitutes, complimentary, population)
Determinants of Supply (technology, inputs, # of firms, government taxes/subsidies, disasters)
How to graph a change in supply/demand and give reasons (p. 117 and p. 86)
Exam next class!
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