CIVICS AND ECONOMICS



Introduction to Economics

1. How do wants and needs drive consumer’s economic decisions?

2. What is the definition of economics? What is the difference between microeconomics and macroeconomics?

3. What is scarcity and why will it always exist?

4. Identify the 3 basic economic questions a producer must ask before deciding whether to produce a product

5. Describe the difference between a command, free market, and mixed economy (provide examples of a country for each)

6. What is a trade off and an opportunity cost?

7. What is the difference between a good and a service?

8. Identify and explain the four factors of production

9. Describe both the problems and benefits of specialization

Supply and Demand

10. What is demand? Explain the law of demand

11. What is supply? Explain the law of supply?

12. Identify the four factors that can determine a consumer’s willingness to buy a product

13. Identify the four factors that can determine a producer’s willingness to sell a product

14. What happens to the price of good in a surplus? Why?

15. What happens to the price of a good in a shortage? Why?

16. What are complimentary goods and how do they impact demand?

17. What are substitute goods and how do they impact demand?

Business Organizations

18. Identify and Explain the advantages and disadvantages of each of the following:

A. Sole Proprietorships

B. Partnerships

C. Corporations

19. Why do corporations sell stock?

Economic Policies

20. What is fiscal policy? Who makes it?

21. What is the difference between expansionary and contractionary polices?

22. What are four economic indicators that can illustrate the health of an economy?

23. What is GDP? What does it measure?

24. What does unemployment rate measure? Why is it always at least 4-5%?

25. What is inflation? Why does it decrease the value of the dollar?

26. What is the purpose of the Consumer Price Index?

27. Describe the difference between a bull market and a bear market?

28. What is monetary policy? Who controls it and how?

Globalization

29. What is globalization?

30. What are the arguments both for and against globalization?

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