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Economics 101
Economics 101
- What is Economics?
- What's the difference between needs and wants?
- Give some examples of some needs. Some wants...
- What is the basic economic problem?
- What's a synonym for scarcity?
- What does the term opportunity cost mean?
- Give an example of opportunity cost.
Handy-Dandy Economics Study Guide - Economics 101.pdfEconomics 101.pdfBuying and Selling
Buying and Selling
- What's an economic market?
- What is a good?
- What's a service?
- Give 3 examples of a good.
- Give 3 examples of a service.
- What's the difference between a durable good and a non-durable good?
- What's a consumer?
- What's a producer?
- What's the relationship between a consumer and a producer?
- What's supply?
- What's demand?
- What's scarcity?
- What's a surplus?
- How could a producer increase the demand for a product?
Handy-Dandy Economics Study Guide - Buying and Selling.pdfBuying and Selling.pdfFactors of Production
Factors of Production
- What are the three factors of production?
- What are natural resources?
- What are renewable resources? Give three examples.
- What are non-renewable resources? Give three examples.
- What are human resources?
- What are capital resources? Give three examples.
- What is specialization?
- What is division of labor?
- What is production?
- What is distribution?
- What is consumption?
Handy-Dandy Economics Study Guide - Factors of Production.pdfFactors of Production.pdfMoney and Banking
Money and Banking
- What is a synonym for barter?
- What are some problems with bartering?
- What is currency?
- What are the four criteria for currency?
- What's insurance? FDIC?
- What is interest?
- What is a loan?
- What types of things does a person get a loan for?
- How does a person keep "good credit?
- Define deposit. Define withdrawal.
Handy-Dandy Economics Study Guide - Money and Banking.pdfMoney and Banking.pdfPersonal Finance
Personal Finance
- What is income?
- What's the difference between a job and a career?
- What is minimum wage?
- What's the difference between gross pay and net pay?
- What are three house-related expenses?
- What are three car-related expenses?
- What are three miscellaneous expenses?
- What is a budget?
- What is cost of living?
- Are you ready to write out a check on a quiz?
- What's the difference between a debit card and a credit card?
- What is a credit score?
- Name four things you can do to be a "smart shopper."
- name four purposes to put money into savings.
- Name two charities.
- What is insurance? What are some things that you should buy insurance for?
- What are the three "levels" of taxes?
- Name six things that taxes pay for.
Handy-Dandy Economics Study Guide - Personal Finance.pdfPersonal Finance.pdfOwning a Business
Owning a Business
- What is an entrepreneur and what are some character traits a good entrepreneur should have to be successful?
- What is revenue?
- What are some common business expenses?
- What is profit?
- In what ways can a business increase the profit?
- What is a monopoly?
- Why is competition in the marketplace important?
- What are some ways that a business could advertise?
- What is a target audience?
- What are three advertising strategies used to convince people to buy products?
Handy-Dandy Economics Study Guide - Owning a Business.pdfOwning a Business.pdfThe Global Economy
The Global Economy
- What's the difference between developed and developing countries?
- What is GDP?
- What are the four types of economic systems? Describe each.
- How do households, businesses and the government interact within the economy. Give examples of what each gives to the other.
- What is interdependence?
- What's the difference between imports and exports
- What's commerce? Trade? International trade?
- What is a tariff? What is an embargo?
- What is an exchange rate and why is it important?
Handy-Dandy Economics Study Guide - The Global Economy.pdfThe Global Economy.pdfReady for a Unit Test?
Ready for a Unit Test?
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