1. Economics Review PowerPoint
Name:
Class Period

2. Command Economy
Define Collective
Define Heavy Industry

3. What is Economics
Definition:

4. Why do we make choices?
Answer:

5. What are the three economic Questions?

6. Efficiency
Define it:
Provide a Scenario:
Provide another Scenario:

7. Production Possibilities Graph
Draw it
What does the frontier show you?
What does the graph show you?

8. What are the three factors of Production?
(Write the factor on the line)
Definition:
Example:
Factor #2
__________
(Write the factor on the line)
Definition:
Example:

9. What are the three factors of Production?
____________
(Write the factor on the line)
Definition:
Example:

10. Difference between Scarcity and Shortage
Scarcity Vs. Shortage
Similarities of Scarcity and Shortage
Difference between Scarcity and Shortage
Answer the following question in RARE form
The similarities between scarcity and shortage are:

11. Opportunity Cost Vs Trade Off
Definition:
Scenario: 1. 2.
Trade Off
Definition:
Scenario: 1. 2.

12. Define the following terms
Guns and Butter
Definition:
Scenario:
Thinking at the Margin
Definition:
Scenario:

13. What does the Production Possibility frontier show you?
Answer:

14. Characteristics:
Definition:
Efficiency
Example:
Non-Example:

15. What are KEY ECONOMIC QUESTIONS1. 2. 3.

16. Characteristics:
Definition:
Mixed
Economy
Example:
Non-Example:

17. Characteristics:
Definition:
Command Economy
Example:
Non-Example:

18. Characteristics:
Definition:
Traditional Economy
Example:
Non-Example:

19. Characteristics:
Definition:
Market Economy
Example:
Non-Example:

20. Why do Markets Exist?
Answer:

21. Transitioning
What are the steps in transitioning?

22. Complete the Circular Flow Diagram
Please complete the ENTIRE DRAWING

23. Who owns the factors of Production?
What market are goods and services sold?

24. Law of Demand
Draw the law of Demand
Explain the Law of Demand

25. Substitution Effect Define Substitution Effect
Example of Substitution effect
Example #1:
Example#2:

26. Income Effect Define Income Effect Example of Income Effect

27. Characteristics:
Definition:
Ceteris Paribus
Example:
Non-Example:

28. Define and provide a picture for each
Normal Good
Inferior Good

29. Define and provide a picture for each
Compliments
Substitutes

30. In RARE for Compare and Contrast Elasticity of Demand and Elasticity of Supply

31. Characteristics:
Definition:
Inelastic
Example:
Non-Example:

32. Law of Supply
Draw the law of Supply
Explain the Law of Supply

33. Label the Graph

34. Difference between Surplus and Shortage
Surplus Vs. Shortage
Similarities of Surplus and Shortage
Difference between Surplus and Shortage
Answer the following question in RARE form
The similarities between surplus and shortage are:

35. Supply Shock
Definition
Example

36. Rationing When and why was rationing used in the United States?
Definition
Scenario

37. Black Market Why are goods sold on the Black Market? Definition
Use the word in a sentence

38. Adam Smith
Who is Adam Smith:
What is his Philosophy?

39. Karl Marx
Who is Karl Marx

40. Average Wages Decline for Workers Around the Country
Analyzing Demand
Average Wages Decline for Workers Around the Country
How will this information likely affect the demand curve for movie tickets?

41. 1970’s Styles Popular with High School and College Students
Analyzing Demand
1970’s Styles Popular with High School and College Students
How will this information likely affect the demand curve for CD’s of disco music?

42. Fast Food Chain Raises Prices on All Menu Items
Analyzing Demand
Fast Food Chain Raises Prices on All Menu Items
How will this information likely affect the demand curve for the chain’s burgers?

43. Analysts Predict Video Game Prices to increase Next Year
Analyzing Demand
Analysts Predict Video Game Prices to increase Next Year
How will this information likely affect the current demand curve for video games?

44. Gas Prices Increase by 200%
Analyzing Demand
Gas Prices Increase by 200%
How will this information likely affect the demand curve for new sports utility vehicles?

45. Farmer Invents New Picking machine-Harvest Apples in Half the Time
How will this information affect the market Demand or Supply of red Delicious apples?

46. Minimum Wage Increased by 25%- Teen Workers to Benefit Most
How will this information affect the market Demand or Supply of Downloaded music?

47. Inflation Define it What are the effects of inflation?
List and define the 3 Types of Inflation.

48. Business Cycle
Draw and label the business cycle

49. List the Characteristics of the Business Cycle
Peak
Contraction
Expansion
Trough

50. List the 4 things that impact the cycle2. 3. 4.
Explain each item that impacts the cycle

51. List the Characteristics of the Business Cycle
Recession
Depression

52. Types of Unemployment Provide a scenario for each
List the types of unemployment 1. 2. 3. 4. 5.
Provide a scenario for each

53. Trade Barriers
List the types of trade barriers

54. Effects of Barriers
List the effects of barriers

55. NAFTA
What is NAFTA
What countries are a part of NAFTA

56. Characteristics:
Definition:
GDP
Example:
Non-Example:

57. GDP Continued List the 2 ways GDP is calculated
List the 2 types of GDP

58. Characteristics:
Definition:
Inflation
Example:
Non-Example:

59. What are the affects of inflation?

60. Fiscal Policy Expansionary Policy What happens to government spending
What happens to taxation
Contractionary Policy