Review of Core Concepts in Economics

Review of Core Concepts in Economics
Lesson Objectives:
(1) To understand the concepts of a demand curve and supply curve and to be able
to identify factors that shift supply and demand for goods and services.
(2) To define the concept of utility and its application to consumer decision-making.
(3) To understand, interpret, and calculate an elasticity.
(4) To describe what is meant by a production function and the firm’s objective with
respect to production decisions.
(5) To be able to differentiate between marginal versus average costs and short-run
versus long-run costs.
(6) To know the core assumptions that underlie a model of perfect competition and to
be able to articulate several ways in which health care markets deviate from
perfectly competitive markets.
(7) To describe what is meant by market power and a monopolistic market.
Readings:
FGS, Chapters 1-3
Activities:
Online learning module
Supplemental Resources:
None

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