Benchmark #1 Study Guide – CE.11-14
Name: _____________________________
Group #1
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Value of what is given up when a choice is made
Materials used during production (Human, Natural, Capital)
Money exchanged for a product; determined by supply and demand
Inability to satisfy all wants at the same time
Selecting an item or action from a group of alternatives
A.
B.
C.
D.
E.
Scarcity
Resources
Choice
Opportunity Cost
Price
Buying and using goods and services
Amount of goods producers are willing to sell
Combining resources to make goods and services
Sale prices, buy one get one free, free financing
Amount of goods people are willing to buy
F.
G.
H.
I.
J.
Incentives
Supply
Demand
Production
Consumption
Central Planning, Gov’t. Ownership of Resources, No Choices
Business, Individuals, and Gov’t. share in the decision making
Based on customs and family histories
Competition, Choices, Private Ownership, Least Government
K.
L.
M.
N.
O.
Three Basic Questions of Economics
Traditional Economy
Free Market Economy
Command Economy
Mixed Economy
Results in lower prices, better quality, and more choices
What determines the type of economy a country has?
Earning minus Expenses or Revenue minus Expenses
What do individuals and businesses have the right to own?
Power of the buyer to determine what is produced and consumed
P.
Q.
R.
S.
T.
Government Involvement
Private Property
Profit
Competition
Consumer Sovereignty
Group #2
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Group #3
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What will be produced? Who will produce it? For whom will it be produced?
Group #4
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Benchmark #1 Study Guide – CE.11-14
Name: _____________________________
Group #5
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Business owned by one person who takes all risks and profits
Business owned by two or more people who share risks and profits
Business with many owners; acts as a legal person; limited liability
The continuous movement of money, resources, goods, & services
A person who takes a risk in order to make a profit
A.
B.
C.
D.
E.
Proprietorship
Partnership
Corporation
Entrepreneur
Economic Flow
Banks, Credit Unions, and Savings & Loans
What do financial institutions pay on deposits to encourage saving?
Buy resources in order to make and sell products
Use resources to create income and buy products
Use tax revenue to provide public goods and services
F.
G.
H.
I.
J.
Individuals (Households)
Businesses
Government
Private Financial Institutions
Interest
Buying and selling goods and services around the world
Private financial institutions bring together …
What is the money called that people borrow from the bank?
Increase wealth and create jobs
What is the money called that people save in the bank?
K.
L.
M.
N.
O.
Deposits
Loans
Savers and Borrowers
Global Economy
Reasons we trade with other nations
Laws designed to prevent monopolies
Specializing in the production of certain goods and services
Buy goods at a lower cost or goods we cannot produce
P.
Q.
R.
S.
T.
Reasons we trade with other nations
Innovations in technology (Internet)
Using new technology
Promotes efficiency and growth
Antitrust legislation
Group #6
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Group #7
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Group #8
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Contributes to the global flow of information, capital, goods, and services
How can companies lower the cost of production?
Benchmark #1 Study Guide – CE.11-14
Name: _____________________________
Group #9
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Protects the air, water, land, and endangered species
Provided by the government and benefits many people
Regulates radio and television plus telecommunications
Antitrust Legislation, Global Trade, Business Start-Ups
Protects the consumer from unsafe and unfair business practices
A.
B.
C.
D.
E.
Ways the gov’t. promotes competition
Federal Communications Commission
Federal Trade Commission
Environmental Protection Agency
Public Goods and Services
How does the government pay for public goods and services?
Government raises taxes
Interstate highways, postal service, and national defense
Most would not be available if individuals had to provide them
Government lowers taxes
F.
G.
H.
I.
J.
Public Goods and Services
Examples of Publics and Services
Taxes, Borrowed Funds, and Fees
Private Spending Decreases
Private Spending Increases
Allows the government to collect an income tax
Demand, Production, and Employment plus Taxes Increase
Demand, Production, and Employment plus Taxes Decrease
Government borrowing Increases
Government borrowing Decreases
K.
L.
M.
N.
O.
Private Borrowing Increases
Private Borrowing Decreases
When Gov’t. Spending Increases
When Gov’t. Spending Decreases
The 16th Amendment
The central bank of the United States, Banker’s Bank
The Federal Reserve regulates banks to keep this safe…
The Federal Reserve tries to keep this low and stable…
The Federal Reserve tries to maintain the value of this…
The Federal Reserve controls the amount of money in this…
P.
Q.
R.
S.
T.
The Economy
National Currency (The Dollar)
Deposits
Inflation
The Federal Reserve System
Group #10
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Group #11
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Group #12
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Benchmark #1 Study Guide – CE.11-14
Name: _____________________________
Group #13
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Government agencies establish guidelines to…
Protected by negotiated contracts that are enforceable by the law
Anything that is generally accepted as a method of payment
If your consumer rights are violated you can take…
People have confidence in the gov’t; helps in the exchange of goods & services
A.
B.
C.
D.
E.
Private Property
Protect Public Health and Safety
Legal Action
Money
Reasons the Gov’t. Issues Money
Career planning starts with looking at your interest and talents
Advancements in technology…
Attitudes and Behaviors needed to be successful
Education, Skills, and Supply/Demand
Federal Reserve Notes, Coins, Checks, and Debit Cards
F.
G.
H.
I.
J.
Types of money used
Self-Assessment
Strong Work Ethic
Influence Job Income
Creates new jobs
Employers seek employees who do this with new technology
Create job opportunities and competition for jobs
It is important to understand how they protect consumers
Making careful spending decisions, saving and investing
Keep a budget, having insurance, using credit wisely
K.
L.
M.
N.
O.
Keep Pace
Advancements in technology
Contracts, Warranties, and Guarantees
Being Fiscally Responsible
Being Fiscally Responsible
Florida State’s Fight Song
Georgia Tech’s Fight Song
Virginia Tech’s Fight Song
Clemson’s Fight Song
University of Virginia’s Fight Song
P.
Q.
R.
S.
T.
The V-P-I Victory March
Tiger Rag
The Good Old Song
The War Chant
Ramblin’ Wreck
Group #14
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Group #15
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Group #16
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