DCC Economics



DCC Economics FINAL EXAM REVIEW Mrs. Streever

Vocabulary NAME:________________________

Economics-(CH 1)

Scarcity-

Opportunity Cost-(CH 1)

**Example**

Want-(CH 1 definition)

**Examples

Need-(CH 1 definition)

**Examples

3 Basic Economic Questions that economic systems must answer when dealing with limited resources:

1. What to Produce?

2. How to Produce?

3. For whom to Produce?

Natural Resource-

Non-renewable Energy Source-(definition)

List examples

Most Used and Most Imported Energy Source(Energy Bklt)-

Renewable Energy Source-(definition)

List examples

America’s energy consumption vs. the World- ENERGY BOOKLET: The United States consumes more than 20% (20%-25%) of the world’s energy.

Global Warming (definition)

Global Warming Weather Patterns/Trends (Some Statistics:

Law of Supply-(CH2 definition)

Law of Demand-(CH 2 definition)

Supply Curve-(CH 2 definition)

Slope:

Demand Curve-(CH 2 definition)

Slope:

Equilibrium Price-(CH 2 definition)

Diminishing Marginal Utility-(CH 2 definition)

Example: BIG MAC

Shortage-(CH 2)

Surplus-(CH 2)

Compliment-(definition)

**Examples

Substitute-(definition)

**Examples

***KNOW THIS MODEL***

[pic]

Poverty Rate-(definition)(CH 33)

Poverty Line-(definition)(CH 33)

U.S. Poverty Line 2014 for 1 person=$_____________

Highest Poverty Rates-(Race, Gender, & Ethnic groups)

(CH 33)*most likely to be in poverty*

Primary Goal of the Welfare system-(CH 33)

Medicare-(CH 33 & 22)

Medicaid-(CH 33 & 22)

Elastic-(CH 3)

**Example:

Inelastic-(CH 3)

**Example:

Unit Elastic-(CH 3)

Example:

Traditional Economy-(definition)

Communism/Command Economy-(definition)

Laissez Faire-(definition)

Capitalism/Market Economy-(definition)

Socialism-(definition)-

FISCAL POLICY(Controlled by Government)

CH 9: The Purpose of Fiscal Policy-

CH 9: The Main reason the Government collects Taxes-

Sales Tax-

List 2 Major ways Government can “stimulate/expand growth” of the economy:(CH 9)

List 2 Major ways Government can “slow down/contract growth” of the economy: (CH 9)

CH 13: What does the U. S Constitutions say about Government Spending? A _________must be passed to spend $$$.

CH 14:Federal Deficit-(definition)

CH 14: Main cause of Federal Deficit is-

CH 14: National Debt-(definition)

CH 14: Current U.S. National Debt=

CH 14: Which is LARGER: The United States “Federal Deficit” or the “National Debt?”(Circle one)

CH 14: 2 Countries with highest proportion of U.S. debt?=

ANSWER: China & Japan

FDA(Food & Drug Administration)-

FAA(Federal Aviation Administration)-

Enterprise Zones-

Macroeconomics-(CH 6)

GDP-(definition)

Underground economy(definition)

What % range of GDP is underground economy? =**10-15%

Ideal GDP Growth Rate= 3%

CPI(Consumer Price Index)-

Consumer confidence accounts for how much of U.S. Economic Activity=2/3rd or 67%

Inflation-CH 6 (definition)

**Pennyless Economy concept**

Deflation-CH 6 (definition)

Full Employment-(Definition)-

(NOTE: 4%-5% unemployment rate is considered to be full employment not 0%)

U.S. Unemployment Rate-(I will advise you of the month/year you need to know=

How is the Unemployment Rate Calculated? (Formula)=

_______________________X 100

Federal Reserve Bank (Feds)-(definition)

Current Chairman of the Federal Reserve Bank=______________________________

Money-

Exchange Rate-

Barter System-

Example:

****CHARACTERISTIC OF MONEY****

1. Medium of Exchange-

2. Measure of Value-

3. Store of Value-

Securities & Exchange Commission-(definition)

Most popular & widely published measure of stock performance on the NYSE=Answer:**DOW JONES INDEX**

Credit Union-

FDIC-(definition)

CH 39: Labor Unions-(Greater representation for what type of employees?)

CH 39: Collective Bargaining

Single Payer Healthcare System-(definition)(CH 22/ppn23)

Another name for “OBAMACARE:(CH 22/ppn23)=

The U.S spends ________% of the GDP on healthcare

(CH 22/ppn23)

CH 29:Minimum Wage-(definition)-

(Current Federal Rate)-$

(Current State Rate)-$

CH 29: Who loses most from an increase in Minimum Wage?-

CH 20=Externalities(Definition)

(Examples):1. 2.________________

Name of Tax on Liquor & Tobacco-_____________

CH 25:Bankruptcy-

CH 25:Foreclosure-

CH 25: Better Business Bureau-

CH 25: Cease and Desist Order-

CH 25: Sherman Antitrust Act-

Oligopoly-

Example:

Monopoly-

Example:

CH 6: The Business Cycle(definition)

List stages:

Peak, __________,_________,___________,___________

(Know this Graph)

[pic]

Depression-

Recession-

CH 35: Progressive IncomeTax-

CH 33 & 35: EITC(definition)

CH 33 & 35: Child Credit-

CH 34: Social Security-(detailed definition)

CH 34: List ways to keep Social Security solvent/from going bankrupt:

1.

2.

3.

Teacher Tenure(Too Many Children Left Behind)-

Is “tenure” lifetime job security regardless of performance or merit? YES OR NO (Circle One)

Sole Proprietorship=(Definition)

List 3 Characteristics

Partnership=(Definition)

List 3 Characteristics

Corporation=(Definition)

List 3 Characteristics

Vertical Merger-(definition)

Example: Ford merges with Goodyear

Horizontal Merger-(definition)

Example: Cell Phone Companies, Banks

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