Test 1, 2, 3, 4 Review

Chapter 1 Want vs. Need Good vs. Service Natural Resources –Oil, minerals, rivers, lakes Human Resources –The people producing those goods & services Capital Resources –Buildings, Equipment, Supplies. Used in the productions of goods and services

Chapter 1 Scarcity –Not having enough Types of Economic Systems –Command economy Controlled by government: China, Soviet Union –Market Economy Controlled by people: U.S.A

Chapter 1 –Mixed Mixture of command & market economy Supply & Demand Market Price

Chapter 2 Gross Domestic Product (GDP) –What it is –How do we measure Unemployment Rate –What is it, How do we measure, & How does it effect GDP

Chapter 2 Business Cycle –Prosperity –Recession –Depression –Recovery Inflation –What is it. How does it effect GDP

Chapter 2 Deflation –What is it, How does it effect GDP National Debt –What is Budget Surplus –What is Budget Deficit –How does taxes effect the debt –How does the national debt effect the economy

Chapter 3 Export –What is it, how do we measure, and how does it effect GDP Import –What is it, how do we measure, and how does it effect GDP Exchange Rate –What is it, how do we measure, and how does it effect GDP

Chapter 4 What is Ethics What is Business Ethics Sweatshops –What are they, conditions? Occupational Safety & Health Administration (OSHA) –What they do

Chapter 4 Food & Drug Administration (FDA) –What they do Environmental Protection Agency (EPA) –What they do Patents Copyrights Trademarks Monopoly