Economics Review Sheet



Name________________________________ Period______

Economics Review Sheet

Due: Monday 5/14/12

Directions: Use worksheets #83-96 to complete this review sheet. Test Tuesday 5/15/12!

I. Goods and Services

Directions: Fill in the chart below with 3 examples of businesses that provide goods and 3 that provide services. Use Worksheets 83 and 84 for help.

|Goods |Services |

| | |

| | |

| | |

A good or service you give up to get another is called your _________________________

II. Kinds of Resources

Directions: Read the name of each kind of resource. Write N if the resource is a natural resource. Write H if the resource is a human resource. Write C if the resource is a capital resource. Use worksheets 83 and 84 for help.

_____1. trees _____5. a computer

_____2. a cash register _____ 6. a river

_____3. a gardener _____ 7. a bulldozer

_____4. gold _____ 8. a pro-football player

III. Economic Decision Making

Directions: Read each state below and decide whether it is an example of a micro or macroeconomics. Circle your answer. Use worksheets 86 and 90 for help.

9. Home Depot has a 40% off sale. Micro Macro

10. The national debt rises to new levels. Micro Macro

11. Iraq declares war on Pakistan. Micro Macro

12. The local daycare extends its hours of operation. Micro Macro

13. Middletown passes a 3-cent gas tax. Micro Macro

IV. Types of Economies

Directions: Fill in the blanks in each sentence below using the words Traditional, Command, or Market. Use worksheets 86 and 89 for help.

14. In a ___________________________ economy, the government owns most of the businesses.

15. There is the most potential for self-gain in a _______________________ economy.

16. In a _________________________ economy, economic decisions are

based on a society’s culture, customs, and way of life.

17. The most variety and competition is found in a _____________________ economy.

18. In a ______________________economy, prices are set by the government.

V. Supply and Demand: Use the schedule below for #s 19-25. (Worksheets 87,88, 95)

|Market for DVD Players |

|Price per Player |Quantity Demanded |Quantity Supplied |

|$599 |25 |600 |

|$499 |75 |525 |

|$379 |150 |400 |

|$279 |325 |325 |

|$199 |500 |75 |

19. The market equilibrium price for DVD players is $__________________.

20. The equilibrium quantity is _____________________ DVD players.

21. How many people will buy a DVD player for $499? _________________

22. How many players will be supplied at $379? ______________________

23. At $599 is there a shortage or surplus of DVD Players? ________________

24. At what price does a shortage of DVD players occur? ________________

25. At the price in question 24, there is a shortage of how many players? ____________

V. Supply and Demand Continued (Worksheets 87, 88, 95)

Directions: Use the supply and demand graph below to answer questions 26-30.

26. The equilibrium price for a slice of cheese pizza is $ _____________

27. The equilibrium quantity for cheese pizza is __________________ slices.

28. _____________ slices are demanded at $2. __________ slices are supplied at $.50.

29. At $2.50 there is a ______________________________ of 800 slices of cheese pizza.

30. At $ __________there is a shortage of 400 slices of cheese pizza.

Directions: Fill in the sentences using the words: surplus, shortage, high, and low. (Worksheets 85 and 86)

31. When demand is high, price is _______________________.

32. When demand is low, price is _______________________.

33. When supply is high, price is ________________________.

34. When supply is low, price is _________________________.

35. When supply is greater than demand, there is a ____________________________.

36. When demand is greater than supply, there is a ____________________________.

Directions: Determine whether each pair of goods are substitutes or complements and circle your answer. Use worksheet 91 for help.

37. hotdog / hamburger substitutes complements

38. baseball / baseball glove substitutes complements

39. popcorn / pretzels substitutes complements

40. coffee / cream substitutes complements

41. remote / batteries substitutes complements

42. Complements experience the (circle one) same opposite changes in supply and demand.

43. Substitutes experience the (circle one) same opposite changes in supply and demand.

Directions: Match each vocabulary word to its correct definition. Use worksheet 96.

a. tax on imported goods 44._____ export

b. goods sold to another country 45._____ embargoes

c. concentrating on a specific job or task 46._____ interdependence

d. goods purchased from another country 47. _____ import

e. order forbidding countries to trade 48._____ specialization

f. relying on other countries to satisfy our 49. _____ quotas

wants and needs

g. limits placed on the number of imported 50. _____ subsidies

goods allowed in a country

h. payments given to producers for making 51. _____ tariffs

a particular good

Directions: Identify the shifts in the graphs below. Remember “IRTL the Turtle” and use worksheet # 93 for help.

Graph A Graph B Graph C Graph D

45. Graph _____ shows an increase in supply. Graph _____shows a decrease in supply.

46. Graph ______ shows an increase in demand. Graph _____ shows a decrease in demand.

Directions: The following headlines would each impact the supply or demand for beef in the United States. Use the factor chart on the next page or on worksheet #92 to identify the factor which explains the changes these headlines would cause. Then, circle any of the headlines that would cause INCREASES in supply or demand. (Worksheets 92 and 94)

|Headlines Affecting Supply of Beef in US |Headlines Affecting Demand for Beef in US |

| | |

|______ “Mad Cow Disease Kills Thousands of Cattle” |______ “Price of Beef to Rise in June” |

| | |

|______ “ 300 Red Robin Chains to Close” |______ “Record Number of Vegetarians Move to US” |

| | |

| |______ “Pork Prices Drop” |

|_______ “Cattle Ranchers Struggle to Earn A Living- Government To Lower | |

|Taxes” |______”Doctors Warn-Too Much Beef Bad for the Heart” |

| | |

|_______ “New Vitamin Speeds Fattening of Cows for Beef Production” |______ “Nationwide Fad: The Disco Burger Debuts at Red Robin” |

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