Vocab

Introduction: Students are to study, know, and be able to use each of the following vocabulary words that relate to Economics.

Unit1 (15ea): Economics, Public Property, Private Property, Economic Systems, Factors of Production, Traditional Economy, Scarcity, Opportunity Cost, Market Economy, Command Economy, Entrepreneur, Underutilization, Laissez Faire, Externality, Privatize

Unit2 (15ea): Supply, Demand, Equilibrium, Surplus, Elasticity, Partnership, Monopoly, Oligopoly, Corporation, Collective Bargaining, Collusion, Economy of Scale, Labor Union, Price Floor, Price Ceiling

Unit3 (15ea): Recession, Depression, Inflation, Consumer Price Index, Poverty, Discretionary Spending, Fiscal Policy, Federal Reserve System, Monetary Policy, Fiat Money, Absolute Advantage, Comparative Advantage, Progressive Tax, Proportional Tax, Regressive Tax

Tasking: Due three days before each test, do the following (45pts):

1. (30pts) Using a white card (3x5 inch), make a flash card with the word on one side, the definition on the other, and then highlight in two different colors. Only use a black/blue pen. Use the Econ glossary to define each word, if not there then use a dictionary.

2. (15pts) Write each word in a complete sentence (separate sheet of paper) and underline the word.

3. Put your name/date/blk on your paper and cards and what unit it is (V1,V2,V3). DO NOT STAPLE, use a big paperclip to attach your 3x5 cards to your paper with the sentences. Thank you.

Special Notes:

#1: You must use white 3x5 cards. This is a brain psychology thing...our brain paints in pictures, so using a white card with different color highlighter help your brain remember better. No not use colored cards, no not use cards with different color stripes, only use a solid white card.

#2: You must hand write this assignment, both parts (brain psychology thing...)

#3: Click Here for Econ Glossary located in the back of the textbook.