Wednesday April 29, 2015

Agenda

Review Choices

Hint: Your Essay question is about price and when they change.

Announcements

Study Guide is due Tomorrow!

The Test is Tomorrow!

Test Corrections are due Friday.

Vote: Trash-ketball or Study Guide Time?

Voting Time

Trashketball Study Guide

TRASHKETBALL

When talking about supply, Too Much of something is called:

Surplus

What phase of the business cycle has

highest unemployment and lowest GDP?

Trough

What phase of the business cycle is

characterized by lowest unemployment and

highest GDP?

Peak

A tax added to imports is called a:

Tariff

Completely cutting off trade with a country is

called a(n):

Embargo

Which industry in North Carolina was hurt by

NAFTA moving furniture and textiles down to

mexico?

Manufacturing

Which type of competition has one

dominant company and some smaller competitors?

Monopolistic Competition

What type of competition are all the companies roughly the

same size with no advantages?

Pure Competition

What is the Law of Demand?

Lower the price, the more people are

willing to buy

Law of Supply?

The higher the price/profit the more businesses are willing

to sell that product

What organization do you contact for shifty business practices?

Better Business Bureau

If a solicitor keeps calling your house, how

do you get them to stop?

Do Not Call List

When reading a lease you should….

Read the Fine Print/Read “The

Everything”

What scheme/scam is it when someone uses

your personal information to buy things or take out

loans?

Identity Theft

What type of scheme are you recruiting more

people and making money off of them?

Pyramid/Multi-Level Marketing

What type of insurance should a person that has their own house

get?

Home Owners insurance

What type of insurance should someone that is getting an apartment or

living in a house they don’t own get?

Renter’s Insurance

What type of insurance helps pay

for medical bills?

Health Insurance

What type of insurance should someone get to help pay for their costs

after they die?

Life Insurance

What is one way to improve your credit

score?

Pay Bills on Time/Early, Things in your name, Credit Card paid off

each month, Open Bank ACcounts

What is the Risk/Reward Trade

Off?

Higher the Risk, the Higher the REward

What are stock holders paid quarterly?

Dividends

When you are young you have plenty of time

to recover from risky investments. What is a high risk investment?

Stock

The older you are, the less time you have to

recover from risk. What type of investments are

low risk?

Bonds, CDs, Savings

Principal*Rate*Years = Amount

Is this Simple or Compound Interest

Simple

Amount=Principal(1 + Interest Rate)^Number

of YearsCompound or Simple

Interest

Compound Interest

What does “Pay Yourself First Mean?”

Put Money into savings First

What type of Economy does the US

Have?

Mixed

What type of Economy is controlled

by a village?

Traditional

What type of economy is free of

government regulations?

Market

What type of economy is controlled completely

by the government?

Command

Another name for choices with time or

resources is :

Trade-offs

The value of the trade-off you didn’t

decide to do is:

Opportunity Cost

What is the Division of Labor?

Breaking a job into smaller tasks

What is the price Equilibrium?

Where Supply and Demand meet (Where profit is maximized)

What is a consumer?

Individual who purchases goods and

services.

The Incentive to produce what

consumers want, because this will make them money is called:

Profit Motive

What is the relationship of

education to income?

Higher the Education, the higher the

income

What is scarcity?

Fundamental problem