Wednesday April 29, 2015 Agenda Review Choices Hint: Your Essay question is about price and when they change. Announcements Study Guide is due Tomorrow! The Test is Tomorrow! Test Corrections are due Friday.
Vote: Trash-ketball or Study Guide Time?
Voting Time TrashketballStudy Guide
TRASHKETBALL
When talking about supply, Too Much of something is called:
Surplus
What phase of the business cycle has highest unemployment and lowest GDP?
Trough
What phase of the business cycle is characterized by lowest unemployment and highest GDP?
Peak
A tax added to imports is called a:
Tariff
Completely cutting off trade with a country is called a(n):
Embargo
Which industry in North Carolina was hurt by NAFTA moving furniture and textiles down to mexico?
Manufacturing
Which type of competition has one dominant company and some smaller competitors?
Monopolistic Competition
What type of competition are all the companies roughly the same size with no advantages?
Pure Competition
What is the Law of Demand?
Lower the price, the more people are willing to buy
Law of Supply?
The higher the price/profit the more businesses are willing to sell that product
What organization do you contact for shifty business practices?
Better Business Bureau
If a solicitor keeps calling your house, how do you get them to stop?
Do Not Call List
When reading a lease you should….
Read the Fine Print/Read “The Everything”
What scheme/scam is it when someone uses your personal information to buy things or take out loans?
Identity Theft
What type of scheme are you recruiting more people and making money off of them?
Pyramid/Multi-Level Marketing
What type of insurance should a person that has their own house get?
Home Owners insurance
What type of insurance should someone that is getting an apartment or living in a house they don’t own get?
Renter’s Insurance
What type of insurance helps pay for medical bills?
Health Insurance
What type of insurance should someone get to help pay for their costs after they die?
Life Insurance
What is one way to improve your credit score?
Pay Bills on Time/Early, Things in your name, Credit Card paid off each month, Open Bank ACcounts
What is the Risk/Reward Trade Off?
Higher the Risk, the Higher the REward
What are stock holders paid quarterly?
Dividends
When you are young you have plenty of time to recover from risky investments. What is a high risk investment?
Stock
The older you are, the less time you have to recover from risk. What type of investments are low risk?
Bonds, CDs, Savings
Principal*Rate*Years = Amount Is this Simple or Compound Interest
Simple
Amount=Principal(1 + Interest Rate)^Number of Years Compound or Simple Interest
Compound Interest
What does “Pay Yourself First Mean?”
Put Money into savings First
What type of Economy does the US Have?
Mixed
What type of Economy is controlled by a village?
Traditional
What type of economy is free of government regulations?
Market
What type of economy is controlled completely by the government?
Command
Another name for choices with time or resources is :
Trade-offs
The value of the trade- off you didn’t decide to do is:
Opportunity Cost
What is the Division of Labor?
Breaking a job into smaller tasks
What is the price Equilibrium?
Where Supply and Demand meet (Where profit is maximized)
What is a consumer?
Individual who purchases goods and services.
The Incentive to produce what consumers want, because this will make them money is called:
Profit Motive
What is the relationship of education to income?
Higher the Education, the higher the income
What is scarcity?
Fundamental problem