1.  Wednesday April 29, 2015 Agenda  Review Choices  Hint: Your Essay question is about price and when they change. Announcements  Study Guide is due Tomorrow!  The Test is Tomorrow!  Test Corrections are due Friday.

3.  Vote: Trash-ketball or Study Guide Time?

4.  Voting Time TrashketballStudy Guide

5.  TRASHKETBALL

6.  When talking about supply, Too Much of something is called:

7.  Surplus

8.  What phase of the business cycle has highest unemployment and lowest GDP?

9.  Trough

10.  What phase of the business cycle is characterized by lowest unemployment and highest GDP?

11.  Peak

12.  A tax added to imports is called a:

13.  Tariff

14.  Completely cutting off trade with a country is called a(n):

15.  Embargo

16.  Which industry in North Carolina was hurt by NAFTA moving furniture and textiles down to mexico?

17.  Manufacturing

18.  Which type of competition has one dominant company and some smaller competitors?

19.  Monopolistic Competition

20.  What type of competition are all the companies roughly the same size with no advantages?

21.  Pure Competition

22.  What is the Law of Demand?

23.  Lower the price, the more people are willing to buy

24.  Law of Supply?

25.  The higher the price/profit the more businesses are willing to sell that product

26.  What organization do you contact for shifty business practices?

27.  Better Business Bureau

28.  If a solicitor keeps calling your house, how do you get them to stop?

29.  Do Not Call List

30.  When reading a lease you should….

31.  Read the Fine Print/Read “The Everything”

32.  What scheme/scam is it when someone uses your personal information to buy things or take out loans?

33.  Identity Theft

34.  What type of scheme are you recruiting more people and making money off of them?

35.  Pyramid/Multi-Level Marketing

36.  What type of insurance should a person that has their own house get?

37.  Home Owners insurance

38.  What type of insurance should someone that is getting an apartment or living in a house they don’t own get?

39.  Renter’s Insurance

40.  What type of insurance helps pay for medical bills?

41.  Health Insurance

42.  What type of insurance should someone get to help pay for their costs after they die?

43.  Life Insurance

44.  What is one way to improve your credit score?

45.  Pay Bills on Time/Early, Things in your name, Credit Card paid off each month, Open Bank ACcounts

46.  What is the Risk/Reward Trade Off?

47.  Higher the Risk, the Higher the REward

48.  What are stock holders paid quarterly?

49.  Dividends

50.  When you are young you have plenty of time to recover from risky investments. What is a high risk investment?

51.  Stock

52.  The older you are, the less time you have to recover from risk. What type of investments are low risk?

53.  Bonds, CDs, Savings

54.  Principal*Rate*Years = Amount Is this Simple or Compound Interest

55.  Simple

56.  Amount=Principal(1 + Interest Rate)^Number of Years Compound or Simple Interest

57.  Compound Interest

58.  What does “Pay Yourself First Mean?”

59.  Put Money into savings First

60.  What type of Economy does the US Have?

61.  Mixed

62.  What type of Economy is controlled by a village?

63.  Traditional

64.  What type of economy is free of government regulations?

65.  Market

66.  What type of economy is controlled completely by the government?

67.  Command

68.  Another name for choices with time or resources is :

69.  Trade-offs

70.  The value of the trade- off you didn’t decide to do is:

71.  Opportunity Cost

72.  What is the Division of Labor?

73.  Breaking a job into smaller tasks

74.  What is the price Equilibrium?

75.  Where Supply and Demand meet (Where profit is maximized)

76.  What is a consumer?

77.  Individual who purchases goods and services.

78.  The Incentive to produce what consumers want, because this will make them money is called:

79.  Profit Motive

80.  What is the relationship of education to income?

81.  Higher the Education, the higher the income

82.  What is scarcity?

83.  Fundamental problem