Economics ReviewEconomics Review

January 4, 2010January 4, 2010

EOCEOC

Tuesday, January 19, 2010 Tuesday, January 19, 2010 That is That is 8 school days8 school days from today!!! from today!!! 100 Multiple Choice Questions100 Multiple Choice Questions Goes All The Way Back To 13 ColoniesGoes All The Way Back To 13 Colonies You Must…:You Must…:

Come to classCome to class Pay AttentionPay Attention Start Studying, Break it up into Small PartsStart Studying, Break it up into Small Parts

EconomicsEconomics

1)1) Economics is the study of how we make Economics is the study of how we make __________ based on __________ __________ based on __________ resources.resources.

2)2) ___________ of resources influences ___________ of resources influences how we make decisions because it how we make decisions because it forces us to prioritize and find forces us to prioritize and find alternatives.alternatives.

Factors of ProductionFactors of Production

Name the factor of production that goes Name the factor of production that goes with each:with each:

3)3) Machinery Machinery

4)4) Employees Employees

5)5) Making Risky Decisions Making Risky Decisions

6)6) Natural Resources Natural Resources

7)7) Property To Build Business Property To Build Business

Needs vs. WantsNeeds vs. Wants

8)8) Buying 4 pairs of shoes would be Buying 4 pairs of shoes would be classified as a ________.classified as a ________.

9)9) On which should we spend most of our On which should we spend most of our money?money?

Types of WorkersTypes of Workers

10)10) Which type of job would most likely Which type of job would most likely require some special training or require some special training or education? education?

11)11) Managerial positions are filled by Managerial positions are filled by ___________-collar workers.___________-collar workers.

12)12)Which would most likely earn the most Which would most likely earn the most pay? (Unskilled Blue Collar Worker or pay? (Unskilled Blue Collar Worker or Skilled White Collar Worker)Skilled White Collar Worker)

SupplySupply

13)13)Law of Supply states that when ______ Law of Supply states that when ______ goes up, supply goes _____. AND goes up, supply goes _____. AND when _________ goes down, supply when _________ goes down, supply goes ________.goes ________.

14)14) Draw a sample Supply Curve. Make Draw a sample Supply Curve. Make sure you get the slope correct. sure you get the slope correct.

DemandDemand

15)15) Law of Demand states that when Law of Demand states that when _______ goes up, demand goes _____. _______ goes up, demand goes _____. AND when _________ goes down, AND when _________ goes down, demand goes _______.demand goes _______.

16)16) Draw a sample Demand Curve. Make Draw a sample Demand Curve. Make sure you get the slope correct.sure you get the slope correct.

Supply & Demand CurvesSupply & Demand Curves17)17) What is the point where the Supply and What is the point where the Supply and

Demand Curves meet? Demand Curves meet? 18)18) What would happen to demand if the What would happen to demand if the

price for a good goes above this point?price for a good goes above this point?19)19) What would happen to demand if the What would happen to demand if the

price for a good goes below this point?price for a good goes below this point?Above or Below this pointAbove or Below this point::20)20) Where would scarcity occur?Where would scarcity occur?21)21)Where would surplus occur?Where would surplus occur?

Types of CostsTypes of Costs

Variable, Fixed, MarginalVariable, Fixed, Marginal Which would rent fall under?Which would rent fall under? Which would utilities fall under?Which would utilities fall under? Which would salaried employees fall Which would salaried employees fall

under?under? Which would hourly employees fall Which would hourly employees fall

under?under? Which would determine whether you Which would determine whether you

should make more units of a good?should make more units of a good?

Making DecisionsMaking Decisions

27)27) ____________ Cost is what you give ____________ Cost is what you give up or miss out on when making a up or miss out on when making a choice.choice.

28)28) The negatives and positives you must The negatives and positives you must consider when making a decision are consider when making a decision are referred to as T__________. referred to as T__________.