Economics Review PowerPoint Name: Class Period

Command Economy Define Collective Define Heavy Industry

What is Economics Definition:

Why do we make choices? Answer:

What are the three economic Questions?

Efficiency Define it: Provide a Scenario: Provide another Scenario:

Production Possibilities Graph Draw it What does the frontier show you? What does the graph show you?

What are the three factors of Production? (Write the factor on the line) Definition: Example: Factor #2 __________ (Write the factor on the line) Definition: Example:

What are the three factors of Production? ____________ (Write the factor on the line) Definition: Example:

Difference between Scarcity and Shortage Scarcity Vs. Shortage Similarities of Scarcity and Shortage Difference between Scarcity and Shortage Answer the following question in RARE form The similarities between scarcity and shortage are:

Opportunity Cost Vs Trade Off Definition: Scenario: 1. 2. Trade Off Definition: Scenario: 1. 2.

Define the following terms Guns and Butter Definition: Scenario: Thinking at the Margin Definition: Scenario:

What does the Production Possibility frontier show you? Answer:

Characteristics: Definition: Efficiency Example: Non-Example:

What are KEY ECONOMIC QUESTIONS 1. 2. 3.

Characteristics: Definition: Mixed Economy Example: Non-Example:

Characteristics: Definition: Command Economy Example: Non-Example:

Characteristics: Definition: Traditional Economy Example: Non-Example:

Characteristics: Definition: Market Economy Example: Non-Example:

Why do Markets Exist? Answer:

Transitioning What are the steps in transitioning?

Complete the Circular Flow Diagram Please complete the ENTIRE DRAWING

Who owns the factors of Production? What market are goods and services sold?

Law of Demand Draw the law of Demand Explain the Law of Demand

Substitution Effect Define Substitution Effect Example of Substitution effect Example #1: Example#2:

Income Effect Define Income Effect Example of Income Effect

Characteristics: Definition: Ceteris Paribus Example: Non-Example:

Define and provide a picture for each Normal Good Inferior Good

Define and provide a picture for each Compliments Substitutes

In RARE for Compare and Contrast Elasticity of Demand and Elasticity of Supply

Characteristics: Definition: Inelastic Example: Non-Example:

Law of Supply Draw the law of Supply Explain the Law of Supply

Label the Graph

Difference between Surplus and Shortage Surplus Vs. Shortage Similarities of Surplus and Shortage Difference between Surplus and Shortage Answer the following question in RARE form The similarities between surplus and shortage are:

Supply Shock Definition Example

Rationing When and why was rationing used in the United States? Definition Scenario

Black Market Why are goods sold on the Black Market? Definition Use the word in a sentence

Adam Smith Who is Adam Smith: What is his Philosophy?

Karl Marx Who is Karl Marx

Average Wages Decline for Workers Around the Country Analyzing Demand Average Wages Decline for Workers Around the Country How will this information likely affect the demand curve for movie tickets?

1970’s Styles Popular with High School and College Students Analyzing Demand 1970’s Styles Popular with High School and College Students How will this information likely affect the demand curve for CD’s of disco music?

Fast Food Chain Raises Prices on All Menu Items Analyzing Demand Fast Food Chain Raises Prices on All Menu Items How will this information likely affect the demand curve for the chain’s burgers?

Analysts Predict Video Game Prices to increase Next Year Analyzing Demand Analysts Predict Video Game Prices to increase Next Year How will this information likely affect the current demand curve for video games?

Gas Prices Increase by 200% Analyzing Demand Gas Prices Increase by 200% How will this information likely affect the demand curve for new sports utility vehicles?

Farmer Invents New Picking machine-Harvest Apples in Half the Time How will this information affect the market Demand or Supply of red Delicious apples?

Minimum Wage Increased by 25%- Teen Workers to Benefit Most How will this information affect the market Demand or Supply of Downloaded music?

Inflation Define it What are the effects of inflation? List and define the 3 Types of Inflation.

Business Cycle Draw and label the business cycle

List the Characteristics of the Business Cycle Peak Contraction Expansion Trough

List the 4 things that impact the cycle 2. 3. 4. Explain each item that impacts the cycle

List the Characteristics of the Business Cycle Recession Depression

Types of Unemployment Provide a scenario for each List the types of unemployment 1. 2. 3. 4. 5. Provide a scenario for each

Trade Barriers List the types of trade barriers

Effects of Barriers List the effects of barriers

NAFTA What is NAFTA What countries are a part of NAFTA

Characteristics: Definition: GDP Example: Non-Example:

GDP Continued List the 2 ways GDP is calculated List the 2 types of GDP

Characteristics: Definition: Inflation Example: Non-Example:

What are the affects of inflation?

Fiscal Policy Expansionary Policy What happens to government spending What happens to taxation Contractionary Policy