Unit 1
Identify and give an example of each of the four factors of production
What are land, labor, capital and entrepreneurship?
Draw a price ceiling
What is under Equilibrium?
This market structure is most common in the US
What is monopolistic competition?
Describe someone that is excluded (not counted) in the labor force
Whom is someone under the age of 16, someone in school, in the military, elderly, disables/ sick, etc?
The two tools does the Federal Reserve have control over to try and stabilize the economy
What are the money supply and interest rates?
The 3 basic economic questions all societies must answer
What are what to produce how to produce it and whom it is produced for?
A movement along the supply curve is because of a change in
What is price?
Name one advantage and one disadvantage of a sole proprietorship.
What is Advantage: full control, easy to start. Disadvantage: unlimited liability, limited capital
What is a type of inflation that occurs when overall demand for goods and services in an economy increases faster than the economy's ability to produce them
If trying to reduce unemployment, this action might be taken by the Federal government
What is increase government spending?
Explain the characteristics of a mixed market economy
What is influences of both tradition, government and free market?
Observe the graph that is drawn on the board and identify whether the following is true or false if Supply is decreasing
Price increases
Quantity supplied increases
What is when supply decreases, price increases and quantity supplied decreases?
Identify an advantage and disadvantage of a franchise
What are training and support, proven products, easier access to resources, advertising and limited freedom, no guarantee of success, sharing profits
Identify the three requirements for a good or service to count towards GDP.
What is must be produced within the country's borders, must have been produced within the year, and must be a final good?
Social security, Medicare and Medicaid fall under this category of government spending
What is mandatory spending?
Give an example of tragedy of the commons
What is a situation in which individuals, acting in their own self-interest, overuse and deplete a shared, limited resource- even though it is in no one's long-term interest for this to happen (example- over fishing the oceans)?
MAKE SURE TO ANSWER ALL PARTS
When spring breakers leave Florida, what happens to the Demand for flip flops in FL? (Identify whether demand increases or decreases, the cause of the shift, which direction demand shifts, and what happens to Equilibrium price and quantity)?
What is demand decreases, shifts left due to a decrease in market Size, Equilibrium price and quantity decrease?
List the 4 types of monopolies
What are natural, government, geographical and technological?
This formula is how to find the unemployment rate
What is number of people unemployed/ number of people in the labor force x 100?
If the country is going through a recession (low GDP, high unemployment) the Federal Reserve would use this type of policy (identify the policy and the two actions the Fed may take)
What is expansionary monetary policy, increase the money supply and decrease interest rates?