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Economics Vocabulary and Journal Entries (October-November 2015)

This collection of journal entries explores various economic concepts such as the law of supply, elasticity of supply, increasing and diminishing marginal returns, marginal cost, subsidy, and dividends. The entries include questions and discussions on these topics.

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Economics Vocabulary and Journal Entries (October-November 2015)

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  1. Economics 10-29-2015 Vocab: Law of Supply Journal: 1.) What does the supply schedule show? 2.) When the price of oil rises, what will happen to oil production in an oil-rich country? Why?

  2. Economics 10-30-2015 Journal: 1.) Explain the difference between an elastic business and an inelastic business? What are these? Rock Band Concert Bakery Sony or Samsung

  3. Economics 10-29-2015 Vocab:Elasticity of Supply Journal: 1.) State whether you think the supply of the following services is elastic or inelastic, and explain why: (a) a lawn-care service, (b) making movies, (c) professional baseball.

  4. Economics 11-2-2015 Vocab:Increasing Marginal Returns & Diminishing Marginal Returns Journal: 1). What are examples of fixed costs and variable costs for a farm?

  5. Economics 11-4-2015 Vocab: Marginal Cost Journal: 1). If regulation increases price and decreases supply, why does the government issue regulations?

  6. Economics11-5-2015 Vocab: Subsidy Journal: • Copy the guided reading chart from p. 123 into your notes. You will fill it out in your groups. • Suppose the United States buys most of its bananas from a particular country. If that country suffered a drought, what would happen to the supply curve for bananas? What response by American companies would shift the curve in the opposite direction?

  7. Economics 11-6-2015 Vocab: Dividends Journal: 1). Would you invest your money in the stock market? Why or why not?

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