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Unit 1
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Market Equilibrium
Consumer and Producer Surplus
Market Failures
Government Intervention in Markets
Microeconomics vs. Macroeconomics
GDP and Economic Growth
International Trade
Inflation and Unemployment
Globalization and its impacts
Elasticity of Demand and Supply
Introduction to Macroeconomics
Monetary Policy
Fiscal Policy
Unit 2
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Elasticity of Demand and Supply
Consumer and Producer Surplus
Introduction to Macroeconomics
GDP and Economic Growth
Fiscal Policy
Monetary Policy
Globalization and its impacts
Market Failures
Microeconomics vs. Macroeconomics
Government Intervention in Markets
International Trade
Market Equilibrium
Inflation and Unemployment
Unit 3
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Elasticity of Demand and Supply
Microeconomics vs. Macroeconomics
GDP and Economic Growth
Fiscal Policy
International Trade
Globalization and its impacts
Government Intervention in Markets
Market Failures
Inflation and Unemployment
Market Equilibrium
Consumer and Producer Surplus
Introduction to Macroeconomics
Monetary Policy
Unit 4
Basics of Economics
Introduction to Economics
Supply and Demand
Market Equilibrium
Elasticity of Demand and Supply
Microeconomics vs. Macroeconomics
Introduction to Macroeconomics
Inflation and Unemployment
International Trade
Globalization and its impacts
Scarcity and Choice
Fiscal Policy
GDP and Economic Growth
Market Failures
Government Intervention in Markets
Consumer and Producer Surplus
Monetary Policy
Unit 5
Basics of Economics
Supply and Demand
Market Equilibrium
Consumer and Producer Surplus
Market Failures
Government Intervention in Markets
Microeconomics vs. Macroeconomics
Introduction to Macroeconomics
GDP and Economic Growth
Fiscal Policy
Monetary Policy
International Trade
Globalization and its impacts
Scarcity and Choice
Inflation and Unemployment
Introduction to Economics
Elasticity of Demand and Supply
Unit 1 • Chapter 5
Consumer and Producer Surplus
Key Insights
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Concept Check
A tax on producers shifts the supply curve. What happens to producer surplus?
Producer surplus increases.
Producer surplus remains unchanged.
Producer surplus decreases.
Consumer surplus increases.
If demand is perfectly inelastic, how is consumer surplus affected by a price increase?
Consumer surplus remains the same.
Consumer surplus increases.
Cannot be determined.
Consumer surplus decreases.
A price ceiling below equilibrium impacts which surplus?
Neither surplus is affected.
Only consumer surplus.
Both consumer and producer surplus.
Only producer surplus.
How does an increase in production costs impact producer surplus?
Producer surplus increases.
Consumer surplus increases.
No change in producer surplus.
Producer surplus decreases.
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Market Equilibrium
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Market Failures