1. Economics Review January 4, 2010

2. EOC  Tuesday, January 19, 2010  That is 8 school days from today!!!  100 Multiple Choice Questions  Goes All The Way Back To 13 Colonies  You Must…:  Come to class  Pay Attention  Start Studying, Break it up into Small Parts

3. Economics 1)Economics is the study of how we make __________ based on __________ resources. 2)___________ of resources influences how we make decisions because it forces us to prioritize and find alternatives.

4. Factors of Production Name the factor of production that goes with each: 3) Machinery 4) Employees 5) Making Risky Decisions 6) Natural Resources 7) Property To Build Business

5. Needs vs. Wants 8)Buying 4 pairs of shoes would be classified as a ________. 9)On which should we spend most of our money?

6. Types of Workers 10) Which type of job would most likely require some special training or education? 11) Managerial positions are filled by ___________-collar workers. 12)Which would most likely earn the most pay? (Unskilled Blue Collar Worker or Skilled White Collar Worker)

7. Supply 13)Law of Supply states that when ______ goes up, supply goes _____. AND when _________ goes down, supply goes ________. 14) Draw a sample Supply Curve. Make sure you get the slope correct.

8. Demand 15) Law of Demand states that when _______ goes up, demand goes _____. AND when _________ goes down, demand goes _______. 16) Draw a sample Demand Curve. Make sure you get the slope correct.

9. Supply & Demand Curves 17) What is the point where the Supply and Demand Curves meet? 18) What would happen to demand if the price for a good goes above this point? 19) What would happen to demand if the price for a good goes below this point? Above or Below this point: 20) Where would scarcity occur? 21)Where would surplus occur?

10. Types of Costs Variable, Fixed, Marginal  Which would rent fall under?  Which would utilities fall under?  Which would salaried employees fall under?  Which would hourly employees fall under?  Which would determine whether you should make more units of a good?

11. Making Decisions 27) ____________ Cost is what you give up or miss out on when making a choice. 28) The negatives and positives you must consider when making a decision are referred to as T__________.