Chapter 3 homework

Vocabulary for Chapter 3

3(1)
profit motive
open opportunity
legal equality
private property rights
free contract
competition
interest group
public disclosure laws
public interest

3(2)
macroeconomics
microeconomics
GDP
business cycle
work ethic
technology

3(3)
public sector
private sector
free rider
market failure
externality

3(4)
poverty threshold
welfare
AFDC
cash transfers
in kind benefits

Economics classroom expectations

Classroom expectations

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%


Bring a good attitude, a binder, and something to write with in class every day.

I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.

Economics Course outline

Economic Concepts
  Scarcity
  opportunity costs
  production possibilites curve
  role of saftety nets
  3 economic questions
Traditional, Command, Market Economies

Microeconomics
Supply and Demand
Elasticity
Market Equilibrium and the role of prices
Perfect Competition
Monopoly vs. Monopolistic Competition
Regulation and deregulation

Labor  and business
Sole Proprietorships
Partnerships,
Corporations
 

Macroeconomics
Fiscal Policy
Monetary Policy