Economics Review Unit 1 Intro to Economics Unit

Economics Review!

Unit 1 Intro to Economics Unit 2 Micro Unit 3 Macro Unit 4 Personal Finance 100 100 100 200 200 200 300 300 300 400 400 400 500 500 500 Unit 5 Globalization

Unit 1 - 100 • What are the four factors of production?

Answer 1 – 100 • • Capital Entrepreneurship Land Labor

Unit 1 - 200 • What are the 4 major types of Economic systems?

Answer 1 – 200 • What are: Command, Market, Mixed, and Traditional

Unit 1 - 300 • What are the 4 basic Economic questions?

Answer 1 – 300 • • What to Produce? How to Produce? For Whom to Produce? How much for now, How much for later?

Unit 1 - 400 • Out of the four types of economic systems we studied, which one does the United States have?

Answer 1 – 400 • What is a Mixed Economy? • *Remember: There is private ownership, but also some government regulation

Unit 1 - 500 • A PPF graph is used to show what two economic concepts?

Answer 1 – 500 • What are scarcity and opportunity cost?

Unit 2 - 100 • The desire, willingness, and ability to buy a product is:

Answer 2 – 100 • What is Demand?

Unit 2 - 200 • Factors such as input costs, technology, government action, and labor productivity would all cause an increase or decrease in the following:

Answer 2 – 200 • What is Supply?

Unit 2 - 300 • When a change in price causes a larger change in quantity demanded, a product is considered:

Answer 2 – 300 • What is elastic?

Unit 2 - 400 • 7 up and Sprite, Butter and Margarine, Time Warner Cable and Verizon Fios are examples of:

Answer 2 – 400 • What are substitute goods?

Unit 2 - 500 • The existence of several companies supplying the same area would result in an inefficient multiplication of cables, transformers, pipelines. This has allowed for this type of monopoly to exist:

Answer 2 – 500 • What is natural Monopoly?

Unit 3 - 100 • A severe recession with high unemployment and general economic hardships is known as:

Answer 3 – 100 • What is a Depression?

Unit 3 - 200 • The curve that shows how much actual distribution of income varies from an equal distribution.

Answer 3 – 200 • What is the Lorenz curve?

Unit 3 - 300 • If Wegmans decided to make every line a selfcheckout line and employees were laid off, this would be an example of:

Answer 3 – 300 • Structural Unemployment

Unit 3 - 400 When a wage is determined by the bargaining strength of a union:

Answer 3 – 400 • What is negotiated wage?

Unit 3 – 500 • A Sales Tax is an example of:

Answer 3 – 500 • What is a Regressive Tax?

Unit 4 - 100 • 12 Regional Branches of the U. S. Central Bank that influences the value of the U. S. dollar by controlling money supply. Also can raise & lower interest rates & sell government bonds.

Answer 4 – 100 • What is the Federal Reserve System (FED)

Unit 4 - 200 • The total amount of all final goods & services produced within a country’s national border within a year:

Answer 4 – 200 • What is Gross Domestic Product (GDP)?

Unit 4 - 300 Excessive demand drives up prices, Federal Government deficit spending, Rising input costs (labor), Excessive monetary growth all result in:

Answer 4 – 300 • What is inflation?

Unit 4 - 400 • The four characteristics of money:

Answer 4 – 400 • What are Portable, Durable, Divisible, and Limited in availability?

Unit 4 - 500 • A savings certificate with a maturity date, a specified fixed interest rate and can be issued in any denomination, but restricts holders from withdrawing funds on demand

Answer 4 – 500 • What is Certificate of Deposit?

Unit 5 - 100 • Agreement that encourages free trade between North American countries

Answer 5 – 100 • What is NAFTA (North American Free Trade Agreement)?

Unit 5 - 200 • The 4 biggest participants in Global trade:

Answer 5 – 200 • Who are the United States, China, Japan, and the EU?

Unit 5 - 300 • Three factors most impacted by globalization

Answer 5 – 300 • What are trade, immigration, and foreign direct investments?

Unit 5 - 400 • The reason why goods from the United States may not be traded with Cuba:

Answer 5 – 400 • What is the Cuban Embargo?

Unit 5 - 500 • Undeveloped countries are at risk of global isolation. • Traditions and culture may be destroyed. • Increase of available immigrant workers creates the workforce within a country to experience unemployment. These factors represent:

Answer 5 – 500 • What are the drawbacks of Globalization?