If you are looking for extra credit, Here it is!!!
I am looking for some movies (just certain scenes or whole)and/or songs that
would be good examples of topics we have gone over in class.
Each could be worth up to 5 points depending on its relevance!
Unit Test Reviews
The following are the key topics that will be on the Achievement Marker Tests
Chapter 1 Notes
I. An economic way of thinking
A. Importance of economics
B. Economic decision makers in our economy
1. Consumers and Producers
2. Flow chart:
Producers---> Factors of Production--->Products--->Mediums of Exchange-->Consumers
Natural Resources Consumer Money,credit,barter
Human Resources goods and services
Capital Resources
Entrepreneur
C. Economics is the study the choices that people make to satisfy their needs
and wants
D. Opportunity Cost
1. The next best choice you did not choose to do
2. Opportunity cost for being in class today-- That is, what else would you be
doing?
E. Production Possibility Curves
1. Illustrates opportunity costs
2. In class examples
II. Flow Chart in class or page 9 of text
Chapter 2 Notes
Part 1
I. Economic Systems
A. Traditional Economies
1. Economic decisions repeat those made in earlier times.
2. The 3 economic questions are answered by past practices and customs.
3. Examples
B. Command Economies
1. Economic decisions are made by the government.
2. Government Planners answer the three economic questions.
3. Command decisions can be democratic or authoritarian.
4. Examples
C. Market Economies
1. Decisions are made by people engaged in voluntary exchange.
2. Consumers determine what to produce.
3. Producers determine how to produce.
4. Income depends on the productive resources a persons has to sell.
5. Market prices are signals that affect consumption and production.
6. Examples
D. Mixed Economies
1. Combination of all three type of economies mentioned above.
2. All economies fall in this category including the United States.
E. Adam Smith
1. Considered the father of the Free Enterprise Economy.
2. Laissez-faire ~Let the people do as they want without government
intervention.
3. Invisible hand ~ People will do the right thing
based on self interest & incentives.
Part 2
A. Circular Flow Model- Class example and your own creation
B. Economic Goals-
Chapters 3,4,&5 Review
• Law of Demand
Income effect
Substitution effect
Diminishing Marginal Utility
• Production Costs
Fixed Cost
Variable Cost
Revenue
Marginal Cost
• Law of Diminishing Returns
Marginal Product
• Market Failures
Negative Externalities like Pollution
Public Goods like the judicial System
• Supply and Demand Together
Equilibrium Prices
• Price Controls
Price Ceilings
Price Floors
Black market balances price controls
• Shifting Supply and Demand
Determinants of Demand
Determinants of Supply
Shifting directions and what happens to price and quantity
Chapters 6 & 7 Review
Market Structures (Ch 6)
• Perfect Competition
Laws of supply and demand
Identical products
• Monopolistic Competition
Product differentiation
• Oligopolies
Cartels
Collusion
• Monopolies
Geographic monopolies
Patent
Copyright
Laissez-Faire
• Anti-trust Laws (know the date enacted)
Sherman Antitrust Act of 1890
Clayton Antitrust Act of 1914
Robinson-Patman Antitrust Act of 1936
Corporations (Ch 7)
• Definition
• Advantages
• Difference between a stock and a bond
• Raising capital
• Forming a corporation
Essay is about a Free Market Self Destructing
Chapters 10 & 11 Test Review
• Gross Domestic Product
National income account
Know the four parts
• Business Cycle
Know the statistic used to create it
Know the four parts
• Consumer Price Index
What it measures
How it is calculated
COLA
• Inflation
Cost-push
Demand-pull
Hyperinflation
Wage-price spiral
• Unemployment
Definition of full employment
Know the four types
• Economic Statistics
Lorenz Curve
Gini Index
Poverty Threshold
Poverty Rate
• Essays
Graphing the GDP
Inflation during our auction
• Extra Credit
