FINAL EXAM STUDY GUIDE
Micro economics: Chapters: 3,4, 6,7,8,9,10,11,14,18,,23
This study guide summarizes the topics on which you should focus, as you prepare for the final
exams. You should prepare ahead of time to score a decent grade
Look up each of the topics in your text book to learn definitions and other concepts given below
under each chapter. Write the information in your study journal. I highly recommend forming a
Please do not forget to bring your pencils, erasers & calculators!!!!!!!!!
Define demand, Law of demand, why does the demand curve slope downwards, substitutes and
complementary goods, graphical analysis of demand curve, determinants of demand and explain
how each one
the demand curve, change in demand and change in quantity demanded,
define supply, state the law of supply, graphical analysis of supply curve, determinants of supply
and explain how each one shifts the supply curve, distinguish between change in supply and
change in quantity supplied ,define surplus and shortages, determination of equilibrium price
predict the effects of changes in demand and supply, rationing function of prices,
price floor and price ceiling.