1. Warm Up – December 7
Answer the following questions on a post it – Unit 7 TEST Review
1. What is the law of demand?
2. What is the law of supply?
3. What factors determine demand for a product?
4. What factors effect a business willingness to supply a product?
5. What is the difference between limited liability and unlimited liability? Which type of businesses would have each?
6. Why do corporations sell stock?
7. What is fiscal policy? Who makes it?
8. Describe the difference between expansionary and contractionary policies
9. What are the four ways we can measure an economy
10. What is monetary policy?
11. Today is the 77th anniversary of which event?

2. UNIT 7: The ECONOMY
Test Review

3. TOD – December 7
Answer the following questions on the same post it as the warm up:
1. What does the GDP measure?
2. What does the unemployment rate measure? Why will it always be at least 4-5%?
3. What is the difference between a recession and a depression?
4. Describe the difference between a bull market and a bear market
5. What is globalization? What are the arguments both for and against globalization of the world’s economy?