1)Define demand, Law of Demand. Explain how it fluctuates. 2) Explain demand elasticity, inelasticity, and unit elastic. 3) Define supply. Explain how quantity supplied changes with price. 4) Define supply schedule. 5) Analyze the conditions in which a demand curve shift. *Be able to apply this knowledge. 6) Analyze the conditions in which a supply curve would shift. * Be able to apply this knowledge. 7) What are the three stages of production? Explain each stage. 8) Define theory of production. 9) Explain the difference between fixed cost and variable cost. 10) Dene marginal revenue. 11) Analyze how a demand curve illustrates the law of demand. *Be able to create a demand curve. 12) Analyze how a supply curve illustrates the law of supply. *Be able to create a supply curve. 13) Explain supply elasticity, inelasticity, and unit elastic. 14) Dene xed cost and variable cost. 15) *Be able to complete a Production Schedule and graph the Production Function. * indicates that you do not have to answer those questions or parts of questions on the study guide, but you must be able to complete these tasks on the test