Chapter 1: Fundamental Economic Concepts
Vocabulary and Review Questions
1. Scarcity
2. Economics
3. Need
4. Want
5. Factors of production
6. Land
7. Labor
8. Capital
9. Entrepreneur
10. Production
11. Gross Domestic Product
12. Consumer Good
13. Capital Good
14. Service
15. Consumer
16. Value
17. Utility
18. Wealth
19. Factor Market
20. Product Market
21. Economic Growth
22. Productivity
23. Division of Labor
24. Specialization
25. Human Capital
26. Economic Independence
27. Trade-offs
28. Opportunity Cost
29. Production Possibility Frontier
30. Free-Enterprise Economy
31. Standard of Living
Skills:
The Global Economy p. 9
Worksheets:
6-3, 6-5
Review Questions:
Review the Facts page 28
#s 1-12
Chapter 2: Economic Systems and Decision Making
Vocabulary and Review Questions
1.
2.
3.
4.
5.
6.
7.
8.
9.
Economic System
Traditional Economy
Command Economy
Market Economy
Economic Freedom
Economic Efficiency
Full Employment
Inflation
Fixed Income
Skills:
The Global Economy p. 35
Worksheets:
6-1
Review Questions:
Questions
p. 44 #s 5,7
Reviewing the Facts page 54 #s 1-3, 6-8
10. Capitalism
11. Free Enterprise
12. Voluntary Exchange
13. Private Property Rights
14. Profit
15. Profit Motive
16. Competition
17. Consumer Sovereignty
18. Mixed Econom
Chapter 3: Business Organizations
Vocabulary and Review Questions
1. Sole proprietorship
2. Unlimited Liability
3. Inventory
4. Limited Life
5. Partnership
6. General Partnership
7. Limited Partnership
8. Bankruptcy
9. Corporation
10. Charter
11. Stock
12. Stockholders
13. Dividend
14. Common Stock
15. Preferred Stock
16. Coupon Stock
17. Bond
18. Principal
19. Interest
20. Double Taxation
21. Merger
22. Income Statement
23. Net Income
24. Depreciation
25. Cash Flow
26. Horizontal Merger
27. Vertical Merger
28. Conglomerate
29. Multinational
30. Nonprofit Organization
31. Cooperative (co-op)
32. Credit Union
33. Labor Union
34. Collective bargaining
35. Professional Association
36. Chamber of Commerce
37. Better Business Bureau
38. Public utilities
Skills:
Economics at a Glance p. 72
Review Questions:
Questions
p. 66 #s 3-5
p. 73 #s 3-5
Reviewing the Facts p. 82 #s 8-11
Chapter 4: Demand
Vocabulary and Review Questions
1. Demand
2. Microeconomics
3. Demand Schedule
4. Demand Curve
5. Law of Demand
6. Market demand curve
7. Utility
8. Marginal utility
9. Diminishing marginal utility
10. Change in quantity demanded
11. Income effect
12. Substitution effect
13. Change in demand
14. Substitutes
15. Complements
16. Expectations
17. Elasticity
18. Demand elasticity
19. Elastic
20. Inelastic
21. Unit elastic
Demand Skills Worksheet (Teacher Made)
Review Questions:
Reviewing the Facts page 110
#s 1-6
Chapter 5: Supply
Vocabulary and Review Questions
1. Supply
2. Law of Supply
3. Supply schedule
4. Supply curve
5. Market curve
6. Quantity supplied
7. Change in quantity supplied
8. Change in supply
9. Increase in supply
10. Decrease in supply
11. Subsidy
12. Supply elasticity
13. Elastic
14. Inelastic
15. Theory of production
16. Short run
17. Long run
18. Production function
19. Production schedule
20. Raw materials
21. Total products
22. Marginal product
23. Diminishing returns
24. Fixed cost
25. Overhead
26. Variable cost
27. Total cost
28. Marginal cost
29. e-commerce
30. Total revenue
31. Marginal revenue
32. Marginal analysis
33. Break-even point
34. Profit maximizing quantity of
output
Supply Skills Worksheet (Teacher Made)
Review Questions:
Reviewing the Facts page 134
#s 1-10
Chapter 6: Prices and Decision Making
Vocabulary and Review Questions
1.
2.
3.
4.
5.
6.
7.
Price
Rationing
Ration Coupon
Rebate
Economic model
Market equilibrium
Surplus
8. Shortage
9. Equilibrium price
10. Price ceiling
11. Minimum wage
12. Price floor
13. Target price
14. Deficiency payment
Supply and Demand Skills Worksheet (Teacher Made)
Reviewing the Facts page 158
#s 1-8
Chapter 9: Sources of Government Revenue
Vocabulary and Review Questions
1. Sin Tax
2. Individual income tax
3. Benefit principle of taxation
4. Ability-to-pay
5. Proportional tax
6. Average tax rate
7. Progressive tax
8. Marginal tax rate
9. Regressive tax
10. Internal Revenue Service
11. Tax return
12. FICA
13. Medicare
14. Payroll taxes
15. Corporate income tax
16. Excise tax
17. Luxury good
18. Gift tax
19. Customs duty
20. Property tax
21. Value-added tax
22. Flat tax
Skills:
Economics at a Glance p. 239
Review Questions:
Reviewing the Facts p. 252
#s 1-11
Chapter 10: Government Spending
Vocabulary and Review Questions
1.
2.
3.
4.
5.
6.
7.
Private Sector
Transfer payment
Grant-in-aid
Distribution of income
Federal budget
Mandatory spending
Fiscal year
8. Federal budget surplus
9. Federal budget deficit
10. Appropriations bill
11. Medicaid
12. Balanced budget
13. Deficit spending
14. Federal debt
Skills:
Standard & Poor’s p. 263
Review Questions:
Reviewing the Facts p. 280
#s 1-13
Chapter 11: Money and Banking
Vocabulary and Review Questions
1. Barter economy
2. Money
3. Medium of Exchange
4. Measure of Value
5. Store of Value
6. Commodity money
7. Fiat money
8. Specie
9. Monetary unit
10. Portability
11. Durability
12. Divisibility
13. Limited Availability
14. Monetary standard
15. National banks
16. United States notes
17. Legal tender
18. Gold certificates
19. Silver certificates
20. Federal Reserve System
21. Run on the bank
22. Bank holiday
23. Savings and loan association
24. Credit union
25. creditor
Worksheet:
Ch 11
Skills:
The Global Economy p. 297
#s 1-2
Review Questions:
Reviewing the Facts p. 308
#s 1-10
Chapter 12: Financial Markets
Vocabulary and Review Questions
1. Savings
2. Financial system
3. Certificate of deposit
4. Finance company
5. Premium
6. Mutual fund
7. Pension
8. Risk
9. 401 (k) plan
10. Certificate of Deposit
11. Municipal bonds
12. Tax-exempt
13. Savings bond
14. Treasury bond
15. Roth-IRA
16. Capital market
17. Money market
18. Primary market
19. Secondary market
20. Stockbroker
21. Bull market
22. Bear market
Worksheet:
Ch 12 Worksheet
Skills:
Economics at a Glance p. 321
Review Questions:
Review the Facts p. 336
#s 1-12
Chapter 14: Economic Instability
Vocabulary and Review Questions
1. Business Cycle
2. Recession
3. Peak
4. Trough
5. Expansion
6. Trend line
7. Depression
8. Econometric model
9. Unemployed
10. Unemployment rate
11. Frictional unemployment
12. Structural unemployment
13. Cyclical unemployment
14. Technological unemployment
15. Automation
16. Deflation
17. Creeping inflation
18. Galloping inflation
19. Hyperinflation
20. Poverty guidelines
21. Welfare
22. Food stamps
23. Enterprise zones
24. Negative income tax
Worksheet:
Ch 14 Worksheet
Review Questions:
Reviewing the Facts p. 402-403
#s 1-13
Chapter 15: The FED and Monetary Policy
Vocabulary and Review Questions
1.
2.
3.
4.
5.
6.
7.
FOMC
Currency
Coins
Monetary policy
Liabilities
Assets
Balance sheet
8. Net worth
9. Liquidity
10. Easy money policy
11. Tight money policy
12. Discount rate
13. Prime rate
Worksheet:
Ch 15 Worksheet
Review Questions:
Reviewing the Facts p. 434
#s 1-10