1. Type Topic in here!
Created by Educational Technology Network

2. money
Supply and Demand
Economics
Local and state govts
Econ 2 10 10 10 10 10 20 20 20 20 20 30 30 30 30 30 40 40 40 40 40 50 50 50 50 50

3. Topic 1 – 10 Points QUESTION: ANSWER: What is currency?
Bills and coins

4. Topic 1 – 20 Points QUESTION: ANSWER: What is inflation?
A general rise in prices

5. Topic 1 – 30 Points QUESTION: ANSWER: What is a deficit?
Spending is greater than income

6. Topic 1 – 40 Points QUESTION: ANSWER:
What are the 3 types of money (according to your text)?
ANSWER:
Cash, checks and travelers checks

7. Topic 1 – 50 Points QUESTION: ANSWER:
What are the 3 functions of money?
ANSWER:
1. means of exchange
2. standard of value
3. stores value

8. Topic 2 – 10 Points QUESTION: ANSWER: What is Supply?
Amount of goods and services a producer is willing and able to produce

9. Topic 2 – 20 Points QUESTION: ANSWER: What is capital?
Anything that is saved to produce other goods and services

10. Topic 2 – 30 Points QUESTION: ANSWER: What is demand?
Amount of goods and services buyers are willing and able to buy at different prices.

11. Topic 2 – 40 Points QUESTION: ANSWER: What is market price?
Price where buyers and sellers agree to exchange

12. Topic 2 – 50 Points QUESTION: ANSWER:
What are the 3 factors of production?
ANSWER:
Land, labor and capital

13. Topic 3 – 10 Points QUESTION: ANSWER: What is profit?
Difference between what it costs to produce and what you can sell it for

14. Topic 3 – 20 Points QUESTION: ANSWER:
What are the 3 types of economies?
ANSWER:
Traditional, market and command

15. Topic 3 – 30 Points QUESTION: ANSWER:
What are the 3 types of businesses?
ANSWER:
Sole proprietor, limited partnership and corporation

16. Topic 3 – 40 Points QUESTION: ANSWER: What is collective bargaining?
When labor and management agree to negotiate a contract

17. Topic 3 – 50 Points QUESTION: ANSWER:
Of the 3 businesses, which is the most expensive to start up?
ANSWER:
Corporation

18. Topic 4 – 10 Points QUESTION: ANSWER: What is zoning?
Deciding how to use land

19. Topic 4 – 20 Points QUESTION: ANSWER:
Local governments get their power from whom?
ANSWER:
The state

20. Topic 4 – 30 Points QUESTION: What is a municipality?
Government that serves people in an urban area

21. Topic 4 – 40 Points
QUESTION:
What is an ordinance?
ANSWER:
Local law

22. Topic 4 – 50 Points QUESTION: ANSWER:
What is the most expensive part of local government?
ANSWER:
education

23. Topic 5 – 10 Points QUESTION: ANSWER:
Of the 3 types of businesses, which has the most sales in the US?
ANSWER:
corporation

24. Topic 5 – 20 Points QUESTION: ANSWER:
Of the 3 businesses, which is the most common in the US?
ANSWER:
Sole proprietorship

25. Topic 5 – 30 Points QUESTION: ANSWER:
What is monetary policy and who controls it?
ANSWER:
Regulating the money supply, the Federal Reserve

26. Topic 5 – 40 Points QUESTION: ANSWER:
What is fiscal policy and who controls it?
ANSWER:
How the nation spends its revenue from taxes and Congress

27. Topic 5 – 50 Points QUESTION: ANSWER:
What is the difference between a monopoly and a trust?
ANSWER:
Monopoly: when one business controls an industry
Trust: when a few businesses collude to control an industry