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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