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    F block exam_review_ F block exam_review_ Presentation Transcript

    • EXAM REVIEW
    • Question:What does it mean when unemployment rate is down?
    • ANSWER IT means that alot of people have jobs.
    • Question:What does it mean when unemployment rate is low?
    • ANSWER:It means that alot of people dont have jobs.
    • Question:What is a negative externality?
    • ANSWER:A harmful effect on one economics agent's actions that has an affect on another.
    • Question:What happens evan if we get a tiny rise in our unemployment rate?
    • ANSWER:we lose billions
    • Question:Based on or unemployment rate what could it move up and down on a graph.
    • ANSWER:GDP
    • Question: What is GDP?
    • ANSWER:GDP is the total amount, in $, of the final goods and services prudced in a country during a single year.
    • Question: How do we find the GDP?
    • ANSWER:we multiply the price of each good by the quantity of that good produced and then add all the amounts.
    • Question:What does GDP stand for?
    • ANSWER:Gross Domestic Product
    • Question:What is NDP?
    • ANSWER: same as GDP, except it accounts for the fact that some production is only due to depreciation. Takes GDP and subtracts total loss of value due to depreciation.
    • Question:True or False: Does GDP have any weaknesses?
    • ANSWER:YES!
    • Question: what do people have to do in order to buy stock? (name two)
    • ANSWER: have money and look at a company
    • Question:Name 3 things you could do with your money? (that has to do with stocks
    • ANSWER: you can 1. invest it 2. buy ownership of a company 3. or keep it
    • Question: Name one of the ways hopw thr price of stocks change? (name one)
    • ANSWER:           the news may say something about it and everyone will take out there stocks and sell their part of the company
    • Question: name another
    • ANSWER:  or when one company is doing better than another one everyone goes to that one(rumors of a possible takeover)
    • Question: Name one more
    • ANSWER:  the sales and profit
    • Question: What is the bull market?
    • ANSWER: when the market is high and investors are confident
    • Question: What is the bear market?
    • ANSWER: When the market is low and investors are pessimistic about the futere
    • Question: How would someone make the market bull
    • ANSWER: They could buy tons of stock but the more people who buy stock the more bull it is
    • Question: If the market was very very good and the prices were high would the market be bear or bull
    • ANSWER: Bull
    • Question: How would you discribe the market right now?
    • ANSWER: its in the middle which does not have a name
    • Question: What does the factor market provide to businesses. 
    • ANSWER: The factor market provides services and resources to businesses to accomplish their goals.
    • Question: What is the factor market.
    • ANSWER: The factor market is where productive resources are sold.
    • Question: What do businesses provide to the product market.
    • ANSWER: They provide products to sell in the market.
    • Question: What is the product market
    • ANSWER: The product market is where people put out products and services to sell to the public
    • Question: What does the product market provide to busineses
    • ANSWER: They provide services and products to businesses.
    • Question:when are you in poverty
    • ANSWER:when your income for a year is lower than $9,800 or lower than $27
    • Question:when your in poverty can you provide all your needs
    • ANSWER:no you cannot provide all your needs
    • Question:what are food stamps
    • ANSWER:food stamps are cards given to people for food.
    • Question:the goverment gives womens, infants, and children(under 5)
    • ANSWER:nutrition and needs such as formula and diapers
    • Question:temporary assistance to needy families is given to who
    • ANSWER:it is given to families where a family member dies. only eligable for a certian # of months
    • Question:        What is the Product Market?? http://owa.ea1785.org/owa/redir.aspx?C=3b51cdc8800b41c2bb4aa64365a81796&URL=http%3a%2f%2fwww.episcopalacademy.org%2fdrum%2fms%2fwfg%2fmjn.jpg ( FOR picture of circluar FLOW)
    • ANSWER: A Market where producers offer goods and services for sale
    • Question: What is the Factor Market?
    • ANSWER: A market where productive resources are bought and sold
    • Question: What are imports and exports?
    • ANSWER: Imports are goods coming into the United States, Exports are goods being shipped out of the United States to other Countries.
    • Question:   Who buys goods and services from the Product Market? 
    • ANSWER: Everyone buys goods and services from the product market  
    • Question: What does the arrow represent from the Factor Market to the Buisnesses?
    • ANSWER: It represents people that find jobs entering the buisness world
    • Question:What happens to production cost when prices that produce goods and services fall?
    • ANSWER:Production cost falls  
    • Question:What does increased government regulations do?
    • ANSWER: It limits supply, causing supply curve to shift to the left
    • Question:Why does new technology speed up the process of things?
    • ANSWER:It speeds it up because sthe business is willing to supply more goods and services at the same price
    • Question: What happens when Productivity falls?
    • ANSWER: When Productivity falls, it costs more for a company to produce the same amount of goods and services
    • Question:What are the 8 boxes that go with the LAW OF SUPPLY?
    • ANSWER: 1. Cost of Resources 2. Productivity 3. Technology 4. Government Policies 5. Taxes 6. Number of Suppliers 7. Subsidies 8. Expectations
    • Question: What is the difference between micro and macro?
    • ANSWER: Micro- (small picture) a  model of an individul or individul buisness Macro- (big picture) is LARGE units, looks at the ecoomy as a whole (govern, societies)
    • Question: Maria just sold her last cup of lemonade at her summer stand, but there was still a long line of people there. What is this an example of?
    • ANSWER:   Shortage
    • Question: What would the government interfere with buisnesses merging?
    • ANSWER: The government would interfere with buisnesses merging because they don't want to uliminate competition.
    • Question: What price do you have when you get the fixed price
    • ANSWER: equilibrium price
    • Question: A teacher at Episcopal Academy is fired and cant take is wife out to dinner, so the chef at the restraunt he was going to go to can't send his son to private school, and now has no chance at getting to Harvard. What is this an example of?
    • ANSWER: negative externality
    •   Question:   When there are high taxes, are the costs up high or low?  
    • ANSWER:     The costs will be high.
    • Question:   What is a subsidy?
    • ANSWER:   A subsidy is a government payment to individuals, businesses,and other groups for certain actions.
    • Question:   If a business owners produce a lot of their product, what kind of expectations do they have?
    • ANSWER: It means the business owner has high expectations.  
    • Question:   when there are ______ suppliers, that means there are less supplies
    • ANSWER: less
    • Question:   What do subsidies do?
    • ANSWER:   They lower the costs of production.
    • Question:What is Micro Economics?
    • ANSWER: Micro Economics is looking at the behavior and decision making of individuals and small buisnesses.
    • Question: What is Macro Economics
    • ANSWER: Macro Economics is looking at the behavior and decision making of large companies, societies, and orginization
    • Question:Which of the following is not an example of Macro Economics? a. McDonalds b. Apple c. WaWa d. Government
    • ANSWER: c. WaWa because it is a buisness in only three states
    • Question: What are Micro and Macro economics an example of?
    • ANSWER:Micro and Macro economics is an example of an Economic Model
    • Question:Which of the following is not an example of Micro Economics a. the local corner store b. Caroline Jacoby c. the Episcopal Academy d. Wendy's
    • ANSWER: D. Wendy's
    • Question: when expenses for things like paying more/less workers and buying more/less supllies change, what kind of costs are these?
    • ANSWER: Variable Costs
    • Question: fixed costs are when  costs______, like property taxes  
    • ANSWER:  Remain the same  
    • Question: What do you do to get the average total cost(fixed+variable)?
    • ANSWER: Divide the total cost by the quantity produced
    • Question: What is the total amount of money going into youre pocket before subtracting your costs?
    • ANSWER: Total Revenue
    • Question: if Marginal Cost is the additional cost of producing one additional unit, what is Marginal Revenue?
    • ANSWER: Extra Revenue: the change in total revenue from producing one more unit
    • Question: What are the rapid spikes and declines of the economy called?
    • ANSWER: They are called the business cycle.
    • Question: The line that goes up and down in a graph of the business cycle measures what?
    • ANSWER: It measures REAL GDP
    • Question: What is it called when that line measuring real GDP in the diagram of the business cycle is going up? Or rising?
    • ANSWER: It is called an expansion.
    • Question: What is it called when the line measuring real GDP is going down?
    • ANSWER: It is called a contraction. A 6 month contraction is called a recession, and a very long recession leads to a depression.
    • Question: What is it called when the line measuring real GDP is at its highest? and what is it called at its lowest point?
    • ANSWER: Highest point= peak Lowest point= trough
    • Question: What is an Economic Model?
    • ANSWER: An Economic model is a theory that tri to explain human economic behavior
    • Question: What is an Economic System?
    • ANSWER:An economic system is a country's way of producing things its people want and need
    • Question: What is the United States Economic System?
    • ANSWER: Our Economic System is is free enterprise capitalism
    • Question:True or false: Under free enterprise capitalism, are buisnesses allowed to compete for profit
    • ANSWER: True