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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

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

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

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

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

Monetary Policy

International Trade

Globalization and its impacts

Scarcity and Choice

Inflation and Unemployment

Introduction to Economics

Elasticity of Demand and Supply

Unit 3 • Chapter 4

Elasticity of Demand and Supply

Key Insights

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Concept Check

If demand is inelastic and supply is elastic, who bears more of a tax burden?

Consumers bear more.

Producers bear more.

Both bear equally.

It depends on the good.

A good with many substitutes has what type of elasticity of demand?

Perfectly inelastic demand.

Unitary elastic demand.

Inelastic demand.

Highly elastic demand.

How does a perfectly inelastic supply curve look on a graph?

A vertical straight line.

Horizontal straight line.

Curved line.

Diagonal line.

If a 10% price increase leads to a 5% decrease in quantity demanded, what is the elasticity?

-0.5 (inelastic).

-2 (elastic).

-1 (unit elastic).

0 (perfectly inelastic).

Supply and Demand

Microeconomics vs. Macroeconomics