Top 3 Strategies:
2. Income and Wealth
3. Government Command
Rationing ensures that resources are allocated to the needy rather than the selfindulgent. It is a system that has been used extensively throughout American history, such as
After studying the content in the Supply Lesson, watching the videos, doing the learning objects,
and taking notes complete the practice exercises on this handout. For the graphs you may
graph on graph paper (scan
1. Why do individuals and business owners deposit their money in banks?
Keeping money in banks is safer than carrying it around.
2. What is a checking account and why do individuals need one?
Checking accounts hold your money, and is used to write checks.
Per Capita GDP [US$]
Literacy Rate [%]
Life Expectancy F/M
Chapter 24, Pure Monopoly, pp 438-459
Pure Monopoly - when a single firm is the sole producer of a product for which there
are no close substitutes
Single Seller - When no other firms sell anything even similar
No close substitutes - a cons
Chapter 23, pure competition, pp 413-437
Four market models:
1. Pure Monopoly - One firm is the sole seller of a product/supplier of a service
2.Monopolistic competition - A large number of sellers sell differentiated products, this
Kevin Doyle P.4
Econ Outline - Chapter 27
Significance of Resource Pricing
1. Income determination - Resource prices determine the income of households
2. Resource Allocation - Resource prices allocate resources among industries/firms
3. Cost Minimaliz
I. Chapter 22: The costs of production (pp.392-411)
1a. Economic costs: explicit vs. implicit costs
The Economic/Opportunity cost of an object is defined as the value or worth of the
resources as produced in their best alternative use.
To live in college, I am required to have a job to be able
to pay for any expenses that occur while I am at college,
including food, clothing, and other bills. My grandparents and
parents are paying for all but $9,000 of my tuition so that is