Basic Economic Concepts
What would be considered “capital ?”
money, equipment, land, and buildings
What primarily determines our economic health and growth?
the economic activity of individual people and businesses
What branches of government are involved in setting the U.S budget?
The Executive and Legislative branches
Many workers receive benefits in addition to their wages. What are 3 examples of benefits?
Health insurance, vacation pay, and special savings plans
How many questions are on the Social Studies oficial GED test?
Between 35 and 40
How do businesses create goods and services?
Businesses invest capital
What did 18th century economist John Adam believe?
Individuals are free to act in their own best interests economically
What happens to the budget that would require the government to borrow money to cover expenses?
A Revenue deficit
How do unions negotiate contracts for wages and working conditions on behalf of all union members?
Through collective bargaining.
Approximately how many minutes is the Social studies part of the GED?
Approximately 70 minutes
What example does the excerpt use to describe a producer good?
Materials and parts to build a computer.
How do businesses grow larger?
Either by expanding their capacity or by integrating a broader set of functions into their operation.
Who insures money in the bank from bank fraud or failure?
Federal Deposit Insurance Corporation (FDIC)
Who is asked to intervene when labor-management negotiations break down?
A Federal Mediator
What is required in order to take the official Social Studies Test?
A practice test score of 145 or better
What type of market is for consumer goods?
retail and wholesale markets
What happens to the economy when businesses layoff workers, stop investing their capital and cut back production?
The economy enters a recession or depression
Who ensures that product claims and package labels are true and complete?
Federal Trade Commission (FTC)
In the excerpt, it is stated “let the buyer beware”. What is meant by this statement?
The consumer must also protect themselves.
Name the 4 topics covered on the Social Studies GED official test?
History, Civics, Economics, and Geography
When Florida has a hard freeze and the fruit growers lose their citrus crop, the price of oranges goes up. Is this a buyers market or a sellers market?
Sellers market
What is the difference between a monopolies and a oligopolies?
Single companies VS Tight-knit group of companies
All states regulate the hours and types of work that _________ may perform.
Children
People who earn a ________ get paid the same no matter how much they work.
Salary
Which topic is focused on the most in Social Studies?
History