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FINAL EXAM REVIEWUNIT I CH. One: see Unit I videos and links for reviewStudy CH. 1 Vocabulary Terms CH. 1A Spiritual Emphasis: recognize the importance of making scriptural choices in daily life- use Matt. 6:24. What is the most important choice an individual must make? ?Evaluate the biblical concept of contentment and stewardship. Study CH. 1A Objectives: Students should be able to define economics, explain why choices are necessary, explain how a Christian and an unbeliever's perspectives of economics might differ.CH. 1B Objectives: Students should be able to differentiate between economic goods and services, nuisance goods and free goods and services, contrast the concepts of intrinsic and subjective value and describe the opportunity benefits and opportunity costs of purchases. ?Be able to explain the broken window fallacy. ?Make sure you can provide examples and clearly differentiate the differences between goods and services.CH. 1 C Objectives: Students should be able to differentiate between microeconomics and macroeconmoics, differentiate between positive and normative economics.?Economic Theorist Study: Who is Carl Menger and What idea did Carl Menger propose that radically changed the way economists should determine an object's value??CH. 1 Budget Objectives: Students should be able to define what a budget is and describe the spiritual aspects of budgeting, what should come first??(Luke 14: 28-30, 2 Cor. 9:7)CH Two: see Unit I videos and links for reviewStudy CH. 2 Vocabulary TermsCH. 2 Spiritual Emphasis: How is your life a Christian model/example of Christ centered living? (I Timothy 4:12, Titus 2:7-8, 1 John 2:6) (Prov. 31 Woman: A Model Entrepreneur) Understand the scriptures emphasis on pursuing wealth and profit with godly motivations and not for the love of money which can an idol. (Eccles. 5:18, 1 Tim. 6:17-19)CH. 2A Objectives: Students should be able to recreate the production possibilities curve- PPC Chart using dataCH. 2B Objectives: Students should be able to list and define the four factors of production, recreate the circular flow model, explain the activities represented (and primary role of each) in the circular flow model. ? ECONOMIC THEORIST STUDY: Who is Ludwig Von Mises and what economic principle is most often associated with his name??CH. 3: see Unit I video and links for reviewStudy CH. 3 Vocabulary TermsCH. 3 Spiritual Emphasis: How as a Christian we determine true and lasting value and how futile is the search for happiness in material wealth. What does the scripture teach us about the principle of diminishing marginal utility as it relates to sin? ?(Matt. 6:21, Eccles. 5:10-11, Luke 12:16-21, Isa. 55:1-2)CH. 3A Objectives: Students should be able to identify and explain the principle of diminishing marginal utility and describe the three functions of price. From lecture: what is the principle of Diminishing Marginal Returns?CH. 3 ECONOMIC THEORIST STUDY: Who is William Stanley Jevons and what economic principle did he help establish?CH. 3B Objectives: Students should be able to define demand, identify the law of demand, explain how changes in demand occur. Be able to recognize examples and explain the difference between normal goods, inferior goods, substitute goods and complimentary goods. Be able to properly read changes in demand on a graph and create a demand chart .CH. 4: see Unit I video and links for review:Study CH. 4 Vocabulary TermsCH. 4 Spiritual Emphasis: Recognize that God supplies all our needs. ?(Phil. 4:9) Biblical Story of surplus and shortage- 7 Years of Plenty and 7 Years of lean (Gen. 41:46-57, 47: 13-20).CH. 4A Objectives: Students should be able to define supply and describe the law of supply. Be able to explain the changes in how supply occurs, specifically the three factors beyond just change in price. Which way does a supply curve slope and why?CH. 4B Objectives: ?Students should be able to explain the existence of the market equilibrium point. At what point do supply and demand intersect? Be able to use a map to illustrate and explain the market equilibrium point. Describe the causes of a surplus and of a shortage. Explain how the free market works to alleviate a surplus or a shortage. Students should be able to create a supply chart and create a Market Equilibrium chart. ECONOMIC THEORIST STUDY: Who is Alfred Marshall and he is best known for his model illustrating what economic principle??CH. 5: see Unit II video and links for review:Study CH. 5 vocabulary termsCH. 5 Spiritual Emphasis: Learning to look for and to address the needs of others.CH. 5A Objectives: Students should be able to identify the economic problem and list the four national economic goals of most nations as well as provide examples from current events.CH. 5B Objectives: Students should be able to list the three critical economic questions. Explain the command and market solutions to each of the three economic questions, plus the value stressed in each system and identify the system used in most European countries, the USA, the former Soviet Union, China and North Korea today. Describe the egalitarian and libertarian concepts of fairness. Explain the biblical principles that apply to the distribution question. Be able to discuss the arguments for AND against both capitalism and communism as well as taking a position and defending your own opinion on the question which system is better in practice- not in theory and why? How is the capital goods vs. consumer goods tradeoff a matter of spending versus saving?ECONOMIC THEORIST STUDY: Who is Karl Marx and how would his new society bring about the betterment of all people? What would his society then overcome and how? What did he call his new utopia??CH. 6: see Unit II videos and links for review:Study CH. 6 vocabulary termsCH. 6A Objectives: Students should be able to describe?mercantilism?and Adam Smith's contribution to the study of economics. What did he write and what did he argue? ?Be able to?describe?laissez-faire liberalism.CH. 6B Objectives: Be able to fill-in and describe the chart comparing each of the major forms of capitalism and socialism- recognize that a spectrum exists depending on the degree of economic freedom or the degree of government intervention. Be able to explain how free-market capitalism compares to scriptural principles and how socialism compares to scriptural principles. What is standard of living and real income? ?Be able to describe the contributions of Karl Marx- what did he write, what did he argue, explain dialectic materialism. What does this worldview teach about mankind's salvation- Marxist Economics video?Study CH. 7 vocabulary termsCH. 7 Spiritual?Emphasis: Diligence and ethics in Christian?entrepreneurship??CH. 7A Objectives: Students should be able to define sole proprietorship and list the advantages and disadvantages of a sole proprietorship.CH. 7B Objectives: Students should be able to define partnership, list the advantages and disadvantages of a partnership, the two types of partnerships?and describe the?scriptural?principles?that apply to Christian involvement in partnerships.CH. 7C Objectives: Students should be able to define corporation, describe the types of corporations, explain the significance of stock to a corporation, list the advantages and disadvantages of incorporation, describe a LLC.Economic Personality Profile: J.C. Penney- Who is he, what did he accomplish, explain the biblical principle he applied in the foundation of his company citing the applicable bible reference.Study CH. 8 vocabulary terms- STOCK MARKET SIMULATION?Ch. 8 Spiritual Emphasis: evaluating stock as an investment option to make prudent use of God-given finances, stewardship and the difference between speculation and gambling.?CH. 8A Objectives: Students should be able to define stock, explain the difference between preferred and common stock, define an IPO and describe the benefits of buying stock as an individual investor.CH. 8B Objectives: Students should be able to describe the circumstances surrounding the origin of the stock exchanges, list and describe the difference between the NYSE and NASDAQ, describe the purpose of a stock index, and describe two well known stock indices (Dow Jones, S&P 500).CH. 8C Objectives: ?Students should be able to explain the three benefits of the stock market economy, describe the circumstances leading up to the crash of 1929, define speculation and speculative bubble, describe the purpose and function of the SEC. (APGOV prep).Study CH. 9 vocabulary termsCH. 9 Spiritual Emphasis: Seeing the positive and negative aspects of different forms of competition from a biblical perspective. Understand that if you are to win an eternal prize need to understand who you are competing against, why, and for what? CH. 9A Objectives: Students should be able to list the four ways in which industries differ, distinguish between differentiated and undifferentiated products, and define barriers to entry.CH. 9B Objectives: Students should be able to explain the conditions of perfect competition, explain the conditions of imperfect competition, describe the conditions of an oligopoly and a monopoly. Basically: know the chart created from the market structures video.CH. 9C Objectives: Students should be able to describe a trust, name and describe five pieces of major legislation intended to curb monopolies in US history.Ethics: Students should be able to define ethics and why unethical decision-making can hurt innocent people using Enron as a case study. Students should be able to identify the changing philosophy regarding truth and ethics in America, the essential question and answer regarding ethics, and the 5 guidelines for Christian ethics in the marketplace. Study CH. 10 vocabulary termsCH. 10 Economic Emphasis: Learning what money really is and how it can be effectively used.CH. 10 Spiritual Emphasis: As you examine the topic of money consider its appeal and recognize its destructive ability to create an insatiable desire for more or for the things money can buy. Money is not evil but the love of money is what we are warned about in scripture.CH. 10A Objectives: Students should be able to define money and the desirable characteristics of money. Students should be able to identify the three kinds of money and describe the banking activities of goldsmiths that led to the Fractional Reserve System. Students should be able to use data to work out the money multiplier effect.CH. 10B Objectives: Students should be able to describe the purpose and function of the commercial banks & credit unions and work with balancing a checkbook, correctly writing a check, and what positively or negatively hurts your credit score. Study CH. 11 vocabulary terms- APGOV PrepCH. 11Economic Emphasis: Learning the role of the nation's central bank and its ability to influence the financial sector of the market. CH. 11 Spiritual Emphasis: Seeing God's ownership of the world's wealth, His ability to distribute it as he sees fit, and His use of it to provide for the needs of His children.CH. 11A Objectives: Students should be able to describe role of the FED Reserve in regulating the supply of money. CH. 11B Objectives: Students should be able to explain how the money multiplier works, describe the effects that changing the discount rate has had upon the money supply, and describe the effects that using open market operations has had upon the money supply. Be familiar with the formula D x 1/rr=increase in money supply (D=initial deposit and rr=reserve requirement). CH. 11C Objectives: Students should be able to define monetary policy , identify two reasons that the FED attempts to control the supply on money and explain the dangers of the Fed's actions to control the money supply. Study CH 15 Vocabulary Terms: Fiscal Policy on quizlet.What is fiscal policy? What three tools are used by government to affect which two goals? Who is John Maynard Keynes? Explain his theory- Keynesian Economics. What should the government do according to this theory to increase or decrease demand? Be able to apply data to figure out the expenditure multiplier effect.Study Videos (CH. 12-14) Videos- #16-#22:Three Macro-Economic Goals.-see study guide/practice test. What are the three macro-economic goals? How is each measured? Can you work with the formulas provided to provide CPI, GDP and unemployment rates? Can you identify examples of who is and is not in the labor force, what is and is not a final good counted in the CPI? Can you recreate a diagram of the business cycle?DAVE RAMSEY:What are baby steps #1-3? What does Dave say should be the 3 part order in which you spend your paycheck? What does the Bible say about tithe and giving? Why should we save? Why do you need an emergency fund? Explain the principle of compound interest when it is used to your advantage to create wealth. Explain the principle of compound interest when it is used against you to build debt? Why is a budget (Cash Flow Plan) needed, what is a budget and how is one created, how does the debt snowball work exactly, what has been the history of debt in America?CH 1-8 Vocabulary: Insatiability ScarcityGood vs. ServiceDiamond-water paradoxIntrinsic vs subjective valueOpportunity costUtilMicroeconomics vs. MacroeconomicsPositive vs. normative economicsProduction possibilities curve (aka frontier)Circular flow modelFactors of productionCapital (aka real capital)Budget surplusBudget deficitPrinciples of diminishing marginal utilityLaw of supply and demandNormal, inferior, substitute and complimentary goodsMarket equilibrium pricePrice floorPrice ceilingSurplus vs shortageEconomic DarwinismEgalitarian fairnessLibertarian fairnessConsumer goodsCapital goods MercantilismFavorable balance of tradeLaissez faireCapitalismSocialismRadical capitalismClassic liberal capitalismState capitalismSocial democracyCentralized socialismcommunismCommunist ManifestoDialectic Materialism (lecture only, not in the book)Welfare stateSole proprietorshipGeneral PartnershipLimited partnershipSuretyCorporationPublic vs private corporationLLCStockCommon vs preferred stockStockbrokerFloor traderTicker tapeIPOStock exchange (market)NYSENASDAQDow JonesS&P 500Mutual fundsSpeculationSpeculative bubbleSEC CH 9-11, 15 and Video #16-24 Vocabularylegal tenderbarterdouble-coincidence of wantscommodity moneyrepresentative moneyfiat moneycommercial bankcredit unionFederal Reserve System (FED)Board of GovernorsFOMCRun on the bankMoney multiplier effectMonetary policyLoose monetary policyTight monetary policyFiscal policyKeynesian EconomicsMPC vs MPSExcise taxProportional, regressive and progressive taxBenefit principleInflation Deflation CPI natural rate of unemployment full employment GDP initial and intermediate goods vs. final goods nominal GDP vs. Real GDP recession depression ................
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