1. Economics Review!
Created by Educational Technology Network

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

3. Unit
What are the four factors of production?

4. Answer 1 – 100
Capital
Entrepreneurship
Land
Labor

5. Unit
What are the 4 major types of Economic systems?

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

7. Unit
What are the 4 basic Economic questions?

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

9. Unit
Out of the four types of economic systems we studied, which one does the United States have?

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

11. Unit
A PPF graph is used to show what two economic concepts?

12. What are scarcity and opportunity cost?
Answer 1 – 500
What are scarcity and opportunity cost?

13. Unit
The desire, willingness, and ability to buy a product is:

14. Answer 2 – 100
What is Demand?

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

16. Answer 2 – 200
What is Supply?

17. Unit
When a change in price causes a larger change in quantity demanded, a product is considered:

18. Answer 2 – 300
What is elastic?

19. Unit
7up and Sprite, Butter and Margarine, Time Warner Cable and Verizon Fios are examples of:

20. Answer 2 – 400
What are substitute goods?

21. Unit
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:

22. What is natural Monopoly?
Answer 2 – 500
What is natural Monopoly?

23. Unit
A severe recession with high unemployment and general economic hardships is known as:

24. Answer 3 – 100
What is a Depression?

25. Unit
The curve that shows how much actual distribution of income varies from an equal distribution.

26. Answer 3 – 200
What is the Lorenz curve?

27. Unit
If Wegmans decided to make every line a self-checkout line and employees were laid off, this would be an example of:

28. Answer 3 – 300
Structural Unemployment

29. Unit
When a wage is determined by the bargaining strength of a union:

30. What is negotiated wage?
Answer 3 – 400
What is negotiated wage?

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

32. Answer 3 – 500
What is a Regressive Tax?

33. Unit
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.

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

35. Unit
The total amount of all final goods & services produced within a country’s national border within a year:

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

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

38. Answer 4 – 300
What is inflation?

39. Unit
The four characteristics of money:

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

41. Unit
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

42. Answer 4 – 500
What is Certificate of Deposit?

43. Unit
Agreement that encourages free trade between North American countries

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

45. Unit
The 4 biggest participants in Global trade:

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

47. Unit
Three factors most impacted by globalization

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

49. Unit
The reason why goods from the United States may not be traded with Cuba:

50. What is the Cuban Embargo?
Answer 5 – 400
What is the Cuban Embargo?

51. 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:

52. Answer 5 – 500
What are the drawbacks of Globalization?