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Markets and Market Share

General questions relating to the LSAT or LSAT preparation.
 gabs.baker
  • Posts: 11
  • Joined: Jul 31, 2014
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-  Fri Sep 05, 2014 2:58 pm #16406
After reading the Lesson 9 HW "Markets and Market Share" information, I still feel confused about what the test makers expect us to know about it all. Is simply knowing the basic definitions of the concepts (supply and demand, production, pricing, profit and market share) enough? Or do we need a thorough understanding of the application of the concepts? I just feel like I don't know as much as what the test makers claim the "average person" knows. I got my degree in Spanish not in Economics! :) Any advice/insight you guys have would be great!

Thanks!
 David Boyle
PowerScore Staff
  • PowerScore Staff
  • Posts: 836
  • Joined: Jun 07, 2013
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-  Fri Sep 05, 2014 4:24 pm #16417
gabs.baker wrote:After reading the Lesson 9 HW "Markets and Market Share" information, I still feel confused about what the test makers expect us to know about it all. Is simply knowing the basic definitions of the concepts (supply and demand, production, pricing, profit and market share) enough? Or do we need a thorough understanding of the application of the concepts? I just feel like I don't know as much as what the test makers claim the "average person" knows. I got my degree in Spanish not in Economics! :) Any advice/insight you guys have would be great!

Thanks!
Hello gabs.baker,

I don't think you have to know much. Basic definitions should be fine. I don't have an economics degree either, and I did o.k. on the test!

Hope this helps,
David
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