Economics Study Guide Version 2

 Key Terms Economics Study Guide

Key Terms-Final Review

Directions: Review the key terms listed below. Select 10 terms you are not familiar with. Review the 10 terms in your textbook. Post the 10 terms with an explanation of the key term. Include the page number from the text book where you found the explanation of the key term.

1. ·       Entrepreneur

2. ·       Land

3. ·       Human Capital

4. ·       Production Possibilities Curve

5. ·       Competition

6. ·       Free Market

7. ·       Safety Net

8. ·       Market Economy

9. ·       Socialist

10. ·       Innovation

11. ·       Public Goods

12. ·       Elasticity

13. ·       Elastic Supply

14. ·       Subsidies

15. ·       Market Supply Curve

16. ·       Supply Curve

17. ·       Inelastic

18. ·       Black Market

19. ·       Rent Control

20. ·       Sherman Antitrust Act

21. ·       Antitrust Laws

22. ·       Sole Proprietorship

23. ·       Closely Held Corporation

24. ·       Glass Ceiling

25. ·       Labor Union

26. ·       Finance Company

27. ·       Banking before Civil War

28. ·       FDIC

29. ·       Credit

30. ·       Aggregate demand/supply

31. ·       Depression

32. ·       Poverty Threshold

33. ·       “Working Poor”

34. ·       Taxable Income

35. ·       Deduction

36. ·       Federal Reserve System

37. ·       Tight Money Policy

38. ·       Interest Rates and Money Supply

39. ·       Less Developed Country

·       Brain Drain

Economics Study Guide

Welcome students to the multiple-week discussion board. For this post, I am giving you more than a week to answer these questions. These questions are here to guide you and help you focus your studying to areas where you will need to have a good grasp of the content.  If you are able to answer these questions and have a good grasp of the material from it, you will do well on your final.

What is an entrepreneur?

What would an economist conder be land?

What does Human capital include?

What would cause a production possibilities curve to move down and to the left?

What can cause a production possibilities curve to move to the right?

What is the motivating force behind the free market?

What type of safety nets are used by the government to help citizens?

Why do markets exist?

What is the black market?

What is rent control?

What is a monopoly?

What brought about labor unions?

Why would the United States want to establish a stable banking system?

What is the difference between a recession and a depression?

What is the Federal Reserve? 

What is interest rates suppose to do? 

What does elasticity mean to economics?

Why does the government protect inventors and authors by offering them patents and copyrights?

8.3 Global Setting: U.S. Labor Market (Due 4/16)

 In a short response, essay students are to respond to the two questions below.

-Describe what you think of the current U.S. economy and labor market. Make sure to include the types of goods and services that the U.S. produces and the types of workers that are needed to achieve those products. 

-What are the effects of rapid technological changes that are occurring in the economy now and what impacts will those changes take on the international global stage. 

8.2 Economics: Government Fiscal Policies (Due 4/9)

 

Students will need to read: Fiscal Policy: Taking and Giving Away

Answer the questions below

What are the aims of government fiscal policies?

What influences on production, employment and price does the government have on fiscal policies? 

How do taxation, borrowing, and spending account for fiscal policies?

What are some examples of government fiscal policies being good for the United States?

What are some bad examples of when government fiscal policies have hurt the United States? 

7.4 Economics: Federal Reserve (Due 26)

Why was the Federal Reserve established?

What is the importance of monetary policy?

What are the two goals of the Federal Reserve?

How do interest rates get regulated?

What does Expansionary Policy mean?

What does Contractionary Policy mean? 

7.3: Economics: Cost of Doing Business (Due 3/19)

 What factors may cause the costs of government actions to outweigh the benefits? List two examples of this occurring and why they are important for individuals to be aware of these costs. Use newspaper articles, business articles, or any local information you have on hand to support your answer. 

Min word count: 150

7.2 Economics: Global Markets (Due 3/12)

Students' task this week will be to analyze the elements of America's market economy in a global setting. Students will need to research the American economy and how it has set itself up as being a contender with other countries. Students should also use past lessons to help them answer the following question. Look at information not only from your classes. Remember that if you use any outside sources, please cite them in your response. 

QUESTION

How has Adam Smith's model of economics impacted the current American economy? Who are America's current contenders in the global market, and how do you think they will impact the supply and demand of what Americans would want globally.