1. EOC Economics Review

2. Command Economy Market Economy Mixed Economy Tuesday, December 6, 2016
Using the Venn Diagram below to compare and contrast different economic systems by doing the following:
Command Economy
Market Economy
Mixed Economy
Explain how they answer the three basic economic questions: What to produce? How to produce? For whom to produce? (Use the key terms: private ownership, profit motive, consumer sovereignty, competition, and government regulation.)
Explain how do these systems meet the broad social and economic goals of freedom, security, equity, growth, efficiency, and stability.
Do this now. We will discuss this 5 mins after the bell rings!

3. Using the Venn Diagram below to compare and contrast different economic systems by doing the following:
Command Economy
Production and distribution of goods are controlled by government regulation
Often private ownership is not allowed and the market does not operate under consumer sovereignty.
Market Economy
Production and distribution of goods controlled by the market
The market is profit motivated and private ownership is encouraged. Desires and needs of consumers control the output of producers. (consumer sovereignty).
Mixed Economy
Production and distribution of goods controlled by market and government regulation
Explain how they answer the three basic economic questions: What to produce? How to produce? For whom to produce? (Use the key terms: private ownership, profit motive, consumer sovereignty, competition, and government regulation.)
Explain how do these systems meet the broad social and economic goals of freedom, security, equity, growth, efficiency, and stability.
Government regulation
Private ownership
profit motivated
consumer sovereignty
competition

5. Fundamental Economic Concepts (20% of EOC)
Scarcity and opportunity cost
Comparison of marginal benefit and marginal cost
Benefits of specialization
Types of economic systems
Role of regulatory agencies
Investment and economic growth

6. Key Vocab: Resource Scarcity Allocate Opportunity Cost Marginal cost
“Two roads diverged in a yellow wood, And sorry I could not travel both And be one traveler…” ~Robert Frost
Key Vocab:
Resource
Scarcity
Allocate
Opportunity Cost
Marginal cost
Marginal benefit
Specialization

7. Role of Regulatory Agencies
“The existence of numerous government regulatory agencies is yet another way that the United States is not a purely capitalist society. “
“Government regulation takes many forms. Overall, the goal of the government is to provide for the health and safety of its citizens and its businesses. Some regulation protects citizens from corporate abuse. Other government regulations help businesses recover from external problems by offering money to help offset unforeseen disaster.”

8. Investment and Economic Growth

9. What could cause the PPC shift in each of these cases?

10. Circle Flow Diagram Wednesday, December 7, 2016
What is the correct sequence of events?
Paige bought a new CD at Target
Households-Flow of $-Product Market
Jacob was hired at Cabellas.
Target hired 5 employees for the summer.
Kroger completed payroll for the week.
Pete was paid for doing a job well.

11. Microeconomics Studies the interaction of people and businesses (firms) within a market
Circular flow (diagram) of goods and resources
Laws of Supply and Demand
Markets and prices
Types of business organizations and market structures

12. How do the following affect price? Cost of inputs/resources
Supply and Demand
How do the following affect price?
Cost of inputs/resources
Changes in technology
Changes in prices of other goods
Substitute goods
Complementary goods
Changes in income
Changes in preference
Key Vocab:
Law of Supply
Law of Demand
Equilibrium price
Equilibrium quantity
Price ceiling (shortage)
Price floor (surplus)
Price elasticity
Sole proprietorship
Partnerships
Corporations
Monopoly
Pure competition
Oligopoly (cartel)

13. Macroeconomics

14. Answer the following questions using the table:
Thursday, December 8, 2016
Answer the following questions using the table:
How much is $2 US equivalent to in each of the following currencies?
a. British pound
b. Danish krone
c. Euro
d Japanese yen
2. How much of each of the following currencies would I get if I exchanged $5 US?
a. Mexican Peso
b. Swiss franc
c. Thai baht
Who would benefit if the exchange rate of the US dollar increased?
Who would benefit if the exchange rate of the US dollar decreased?

15. International Economics
Advantages of International Trade
Issues Concerning International Trade
Exchange rates

16. Advantages of International Trade
Absolute advantage
When two (or more) countries produce the same goods, one will ALWAYS have a comparative advantage
Balance of trade
Balance of payments

17. Issues concerning Economic Trade
Barriers to Trade
Tariff
Quota
Embargo
Standards
Subsidy
Exchange rate: appreciate and depreciate

18. Compare and contrast the following kinds of income tax:
Friday, December 9, 2016
Compare and contrast the following kinds of income tax:
Progressive tax
Regressive tax
Proportional tax
2. Name as many other kinds of taxes as you can.

19. Personal Finance Economics
Personal spending and saving
Role of financial institutions
How monetary and policy issues affect individuals
Costs and benefits of credit
Protecting against financial loss
Workers in the marketplace

20. Federal Reserve

21. Types of Financial Institutions
Bank
Credit Union
Savings and Loan
Payday Loan Company
Vocab- bonds, stocks, mutual funds, savings, credit worthiness, insurance

22. Real Wages and Inflation

23. Simple vs. Compound Interest