Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.
-
Upload
anthony-hoover -
Category
Documents
-
view
215 -
download
2
Transcript of Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.
![Page 1: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/1.jpg)
Civics-EconomicsCivics-Economics
Test ReviewTest Review
Test Date 4/22/08Test Date 4/22/08
60 Questions/180 Points60 Questions/180 Points
![Page 2: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/2.jpg)
The Basic Economic The Basic Economic ProblemProblem
ScarcityScarcity All resources are scarce so all goods and All resources are scarce so all goods and
services are scarce.services are scarce.
![Page 3: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/3.jpg)
Needs v. WantsNeeds v. Wants
Needs are things that you have to have Needs are things that you have to have for survival.for survival.
A want is anything else.A want is anything else.
![Page 4: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/4.jpg)
Goods v. ServicesGoods v. Services
Goods are physical and tangible objects. Goods are physical and tangible objects. Services are actions or activities that a Services are actions or activities that a
person performs for another. person performs for another.
![Page 5: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/5.jpg)
Factors of ProductionFactors of Production
LandLand LaborLabor CapitalCapital
![Page 6: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/6.jpg)
Three Basic Economic Three Basic Economic QuestionsQuestions
What to produce?What to produce? How to produce?How to produce? For whom to produce?For whom to produce?
![Page 7: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/7.jpg)
Opportunity CostOpportunity Cost
The most desirable alternative to a The most desirable alternative to a chosen activity.chosen activity.
Production possibilities graphProduction possibilities graph EfficiencyEfficiency UnderutilizationUnderutilization Guns or Butter DecisionGuns or Butter Decision
![Page 8: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/8.jpg)
EntrepreneurEntrepreneur
Risk-taker that starts a business.Risk-taker that starts a business.
![Page 9: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/9.jpg)
Adam SmithAdam Smith
Laissez-FaireLaissez-Faire Wealth of NationsWealth of Nations
![Page 10: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/10.jpg)
Economic SystemsEconomic Systems
TraditionalTraditional CommandCommand MarketMarket MixedMixed
![Page 11: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/11.jpg)
Law of DemandLaw of Demand
Consumers will buy more goods and Consumers will buy more goods and services at lower prices.services at lower prices.
![Page 12: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/12.jpg)
Law of SupplyLaw of Supply
Producers will be willing to produce more Producers will be willing to produce more when they can charge higher prices.when they can charge higher prices.
![Page 13: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/13.jpg)
EquilibriumEquilibrium
Price where supply and demand are Price where supply and demand are equal (no shortage or surplus)equal (no shortage or surplus)
![Page 14: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/14.jpg)
DisequilibriumDisequilibrium
Price where supply and demand are not Price where supply and demand are not equal (creates a surplus or a shortage)equal (creates a surplus or a shortage)
![Page 15: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/15.jpg)
Business OrganizationsBusiness Organizations
Sole Proprietorship Sole Proprietorship PartnershipPartnership Corporations (stock/dividends)Corporations (stock/dividends)
You should know the percentage each You should know the percentage each organization represents as well as the organization represents as well as the advantages and disadvantages.advantages and disadvantages.
![Page 16: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/16.jpg)
Corporate MergersCorporate Mergers
HorizontalHorizontal Vertical Vertical ConglomerateConglomerate
![Page 17: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/17.jpg)
InflationInflation
What is it?What is it? Demand-pullDemand-pull Cost-pushCost-push CPI and market basketCPI and market basket
![Page 18: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/18.jpg)
Gross Domestic ProductGross Domestic Product
What does it measure?What does it measure? ExportExport ImportImport
![Page 19: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/19.jpg)
UnemploymentUnemployment
StructuralStructural FrictionalFrictional SeasonalSeasonal CyclicalCyclical
UnderemploymentUnderemployment
![Page 20: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/20.jpg)
Business CycleBusiness Cycle
What is it?What is it? ExpansionaryExpansionary PeakPeak ContractionaryContractionary TroughTrough What happens to GDP and unemployment What happens to GDP and unemployment
during each phase?during each phase? RecessionRecession StagflationStagflation
![Page 21: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/21.jpg)
Monetary PolicyMonetary Policy
What is it?What is it? Expansionary PurposeExpansionary Purpose Expansionary ToolsExpansionary Tools Contractionary PurposeContractionary Purpose Contractionary ToolsContractionary Tools
![Page 22: Civics-Economics Test Review Test Date 4/22/08 60 Questions/180 Points.](https://reader035.fdocuments.in/reader035/viewer/2022062721/56649f255503460f94c3c3a2/html5/thumbnails/22.jpg)
Fiscal PolicyFiscal Policy
What is it?What is it? Expansionary PurposeExpansionary Purpose Expansionary ToolsExpansionary Tools Contractionary PurposeContractionary Purpose Contractionary ToolsContractionary Tools