Social Studies 8
Social Studies 8
Mr. Hopkins
Economics Review Guide
December 2012
Reading Packet #1
Review on Monday 12/17/12
Economics
Wants
Goods and Services
Resources
Natural Resources
Labor Resources
Capital Resources
Scarcity
Allocate
Economic System
Traditional Economic System
Command Economic System
Market Economic System
Mixed-Market Economic System
Trade-off
Opportunity Cost
Fixed costs
Variable costs
Total cost
Marginal cost
Revenue
Marginal Revenue
Benefit-cost analysis
Consumer
Producer
Demand
Supply
Market
Competition
Equilibrium Price
Surplus
Shortage
Circular Flow Model
Factor Market
Product Market
*The Basic Economic Problem.
*The Three Basic Economic Questions
*The Societies Choices Chart on page 444
*Marginal Cost and Marginal Revenue Chart on page 449
*Marginal Analysis Graph on page 450
*Supply and Demand Charts
*Supply and Demand Graphs, page 454 and 456
*Factors affecting supply and demand
*The Circular Flow Model on page 472
Reading Packet #2
Review on Tuesday 12/18/12
Capitalism
Free Enterprise System
Adam Smith
The Wealth of Nations
“The Invisible Hand”
Laissez-Faire Economics
Sole Proprietorship
Financial capital
Liability
Partnership
General partnership
LLP
Corporation
Charter
Board of Directors
Franchise
*The differences between the three types of business
*The advantages and disadvantages of each type of business
*Chart on page 518
*The structure of a corporation on page 521
Reading Packet #3
Review on Wednesday 12/19/12
Private goods
Public goods
Externalities- positive and negative
Monopoly
Antitrust laws- Sherman Antitrust Act, Clayton Antitrust Act
Merger
Natural monopoly
Inequality
Poverty
Welfare
Workfare
Compensation
FDA
*How does the government pay for public goods?
*Why does the government regulate mergers?
*What makes a natural monopoly unique?
*How does the government promote competition?
*Chart/Graph on page 559
1. Test is 100 points in value.
2. The questions will include a mix of objective format and subjective format, including the use of charts and graphs.
3. You will answer all objective questions on an answer sheet by filling in bubbles.
4. You will be allowed to make and use a Test Helper Card (THC) – see directions below:
-You may only construct your THC on the index card provided.
-You may include only FIVE ITEMS total on your THC from the content we have covered…in other words, you must select your items carefully!
-You will submit your THC with your completed test.
You will construct your THC in class on Tuesday 12/18/12.
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