1.How is price a signal in a market economy? Explain

2. How are prices determined in a command economy? What are results of determining prices this way?

3. Be able to graph and supply and demand schedule and determine surplus and shortage.

4. Be able to identify a graph that shows elastic demand and inelastic demand.

5. What is the competitive price theory? Give an example of it.

6. Identify price ceiling and price floor. Give an example of each.

7. Identify laissez-faire economics.

8. Did Adam Smith believe the government had a role in the economy? Explain.

9.Identify perfect competition.

10) Identify monopolistic competition.

11) Identify oligopoly.

12) Identify monopoly.

13) Identify geographic monopolies, technological monopolies, and government monopolies.

14) Explain resource immobility.

15) What are public goods? Why are they considered market failures?

16) How does the U.S. government regulate monopolies?