Big Ugly Study Guide

Here's what you need to know for the Big Ugly Test!

• Understand scarcity, allocation of resources, and opportunity costs,  and know how to apply them.
• Understand the four types of economic systems, and the differences between them.
• Know the law of demand.
• Know the law of supply. 
• Be able to graphically represent each of those laws, and show shifts in demand and/or supply, with appropriate labeling.
• Understand the concepts of substitute and complementary goods.
• Know the difference between elastic and inelastic demand.