Economics Review PowerPoint
Name:
Class Period
Command Economy
• Define Collective
• Define Heavy Industry
What is Economics
• Definition:
Why do we make choices?
• Answer:
What are the three economic
Questions?
Efficiency
• Define it:
• Provide a Scenario:
• Provide another
Scenario:
Production Possibilities Graph
• Draw it
• What does the frontier
show you?
• What does the graph
show you?
What are the three factors of
Production?
• Factor #1
____________
• Factor #2
• __________
(Write the factor on the line)
(Write the factor on the line)
• Definition:
• Definition:
• Example:
• Example:
What are the three factors of
Production?
• Factor #3
• ____________
(Write the factor on the line)
• Definition:
• Example:
Scarcity Vs. Shortage
Similarities of Scarcity and
Shortage
•
•
Difference between
Scarcity and Shortage
•
•
•
•
Answer the following question in RARE form
The similarities between scarcity and shortage are:
Opportunity Cost Vs Trade Off
Opportunity Cost:
Trade Off
• Definition:
• Definition:
• Scenario:
• Scenario:
1.
1.
2.
2.
Define the following terms
• Guns and Butter
• Definition:
• Thinking at the Margin
• Definition:
• Scenario:
• Scenario:
What does the Production Possibility
frontier show you?
• Answer:
Definition:
Characteristics:
Efficiency
Example:
Non-Example:
What are
KEY ECONOMIC QUESTIONS
• 1.
• 2.
• 3.
Characteristics:
Definition:
Example:
Mixed
Economy
Non-Example:
Definition:
Example:
Characteristics:
Command
Economy
Non-Example:
Definition:
Example:
Characteristics:
Traditional
Economy
Non-Example:
Characteristics:
Definition:
Example:
Market
Economy
Non-Example:
Why do Markets Exist?
• Answer:
Transitioning
• What are the steps in
transitioning?
Complete the Circular Flow Diagram
• Please complete the ENTIRE DRAWING
• Who owns the factors of Production?
• What market are goods and services sold?
Law of Demand
• Draw the law of
Demand
• Explain the Law of
Demand
Substitution Effect
• Define Substitution
Effect
• Example of Substitution
effect
• Example #1:
• Example#2:
Income Effect
• Define Income Effect
• Example of Income
Effect
• Example #1:
• Example #2:
Characteristics:
Definition:
Example:
Ceteris
Paribus
Non-Example:
Define and provide a picture for each
• Normal Good
• Inferior Good
Define and provide a picture for each
• Compliments
• Substitutes
In RARE for Compare and Contrast Elasticity of
Demand and Elasticity of Supply
Characteristics:
Definition:
Inelastic
Example:
Non-Example:
Law of Supply
• Draw the law of Supply
• Explain the Law of
Supply
Label the Graph
Surplus Vs. Shortage
Similarities of Surplus and
Shortage
•
•
Difference between
Surplus and Shortage
•
•
•
•
Answer the following question in RARE form
The similarities between surplus and shortage are:
Supply Shock
• Definition
• Example
Rationing
• When and why was rationing used in the
United States?
• Definition
• Scenario
Black Market
• Why are goods sold on the Black Market?
• Definition
• Use the word in a sentence
Adam Smith
• Who is Adam Smith:
• What is his Philosophy?
Karl Marx
• Who is Karl Marx
Analyzing Demand
Average Wages Decline for
Workers Around the Country
• How will this information likely affect the
demand curve for movie tickets?
Analyzing Demand
1970’s Styles Popular with
High School and College
Students
• How will this information likely affect the
demand curve for CD’s of disco music?
Analyzing Demand
Fast Food Chain Raises
Prices on All Menu Items
• How will this information likely affect the
demand curve for the chain’s burgers?
Analyzing Demand
Analysts Predict Video Game
Prices to increase Next Year
• How will this information likely affect the
current demand curve for video games?
Analyzing Demand
Gas Prices Increase by 200%
• How will this information likely affect the
demand curve for new sports utility vehicles?
Farmer Invents New Picking
machine-Harvest Apples in
Half the Time
• How will this information affect the market
Demand or Supply of red Delicious apples?
Minimum Wage Increased
by 25%- Teen Workers to
Benefit Most
• How will this information affect the market
Demand or Supply of Downloaded music?
Inflation
• Define it
• What are the effects of
inflation?
• List and define the 3
Types of Inflation.
Business Cycle
• Draw and label the business cycle
List the Characteristics of the Business
Cycle
• Peak
• Expansion
• Contraction
• Trough
• List the 4 things that
impact the cycle
1.
• Explain each item that
impacts the cycle
1.
2.
2.
3.
3.
4.
4.
List the Characteristics of the Business
Cycle
• Recession
• Depression
Types of Unemployment
List the types of
unemployment
1.
2.
3.
4.
5.
• Provide a scenario for
each
Trade Barriers
• List the types of trade barriers
–
–
–
–
Effects of Barriers
• List the effects of barriers
–
–
–
–
–
NAFTA
• What is NAFTA
• What countries are a
part of NAFTA
Characteristics:
Definition:
GDP
Example:
Non-Example:
GDP Continued
• List the 2 ways GDP is
calculated
• List the 2 types of GDP
Characteristics:
Definition:
Inflation
Example:
Non-Example:
What are the affects of inflation?
Fiscal Policy
• Expansionary Policy
• What happens to
government spending
• What happens to
taxation
• Contractionary Policy