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Unit 2 vocabulary
UNIT 2 SUMMARY
This unit covers the fundamentals of supply and demand and how they work together determine prices and production in a market economy. All prices in our economy are linked to this concept! If demand for a product falls, you can be sure that its price will drop accordingly and vice-versa.
This unit requires a lot of graphing and understanding what shifts supply and what shifts demand. We also cover the basics of circular flow, and how money serves as a medium of exchange in our economy.
Unit 2 Key Terms:
Know and understand these terms to be successful on the Unit 2 exam!