Review Key Terms Key Terms

Review:

Key Terms

Key Terms

Lesson E-1

Lopez in High School

Snow in New York

What is “demanded” in winter

What is demand

Nature of Demand

Exceptions

Why Demand Exists

Income/Wealth Affect

Wealth Effect

Inferior Goods

Substitute Goods

Demand Curve for Widgets

What about Atkins?

Winners

Losers

Lets look at the Widgets again

New Demand Curve for Widgets

IMPORTANT WARNING!!!

How will consumers increase or decrease the quantity demanded for a good when its price increases or decreases.

Additional Key Terms

The Definition of Economics

Think about it…

BART

The Result

The Village Voice

Inelastic goods

Unknown variable

Importance of Price

Importance of Price

Factors Affecting Elasticity

Sugar Pops and Price

Other substitutes

Albertson’s Diet Cola

Necessity versus Luxuries

Senior Citizens

A difficult choice

The result….

AZT

Change over time

Elasticity and Revenue

DLS

DLS

Tuition is in fact Elastic

The Magic Formula

Transportation

Property Rights and Endangered Species

The Tragedy of the Commons

Extinct is forever!

Why will we never run out of

In Spain

In Africa two attempts are being made to save the elephant population

Which has been more successful?

In Kenya

While in Zimbabwe

Do you know that some people now are breeding strange birds…why?

What about Pandas

Why eating Pandas will save them

Therefore. . .

The important thing is to make them the next “trend”