![Page 1: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/1.jpg)
Final ReviewFinal Review
Mr. Hess
Economics
![Page 2: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/2.jpg)
Inflation
A steady rise in prices throughout the economy
The entire economy
All products!
![Page 3: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/3.jpg)
Imports
Goods that are brought from another country into ours
![Page 4: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/4.jpg)
Labor Specialization
The process by which people choose to concentrate on one job of greater skill by pursuing additional education and training
More specific the job = the higher the pay!
![Page 5: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/5.jpg)
Aggregate Demand
The demand for everything in our entire economy
![Page 6: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/6.jpg)
Public Good
A service or product provided by the government. Everyone benefits from it no matter whether they pay taxes or not.
![Page 7: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/7.jpg)
Resource Price
The price of a good that is needed to make another good.
EG – oil is necessary to make gas
Price of oil goes up, so will gasoline’s
![Page 8: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/8.jpg)
Scarcity
Everything in the world is in short supply
It is the fundamental problem of economics
![Page 9: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/9.jpg)
Credit
Your ability to borrow other people’s money
If it’s bad, you get no loans!
![Page 10: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/10.jpg)
AFL-CIO
The biggest labor organization in the USA today
![Page 11: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/11.jpg)
Great Depression
Period of seriously inhibited productivity growth that existed during the decade of the 1930s
![Page 12: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/12.jpg)
Deficit
A budget situation in which revenue does not cover expenses, money must be borrowed to pay bills
EG – The US government’s current budget
![Page 13: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/13.jpg)
Dividends
The share of profits bestowed to stockholders
![Page 14: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/14.jpg)
Say
“Supply creates its own demand”
![Page 15: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/15.jpg)
John L. Lewis
Founder of the CIO in 1935
The George Washington of the American labor movement
![Page 16: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/16.jpg)
![Page 17: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/17.jpg)
Thomas Jefferson
Third President of the US who believed in conservative principles of small central government
Opposed starting a national bank
![Page 18: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/18.jpg)
Contraction
A period of economic activity whereas the rate of GDP decreases from year to year
![Page 19: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/19.jpg)
Sole Proprietorship
A business formation in which all liability is assumed by the owner(s)
Most common business formation in the US today
![Page 20: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/20.jpg)
Fair Labor Standards Act
1938 act of congress that established a minimum wage, 48-hour work week, and overtime pay
![Page 21: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/21.jpg)
Gross Domestic Product The dollar value of all final goods and services produced in a nation’s economy in
one year
Final goods only~$10 Trillion this yearC + I + G + (i-e)
![Page 22: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/22.jpg)
![Page 23: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/23.jpg)
Depreciation
The yearly decline of value experienced by businesses in some capital resources
EG – a car loses 20% of value each year
![Page 24: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/24.jpg)
RegulationA rule or restriction placed upon a business in how it produces a
product or provides a service
EG – EPA rules that prohibit dumping of wastes in schoolyards
![Page 25: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/25.jpg)
Liquidate
The selling of capital assets and to turn them into cash
![Page 26: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/26.jpg)
Unemployment Rate
The percentage of the American workforce that is either working or looking for work
![Page 27: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/27.jpg)
Exports
Products and services made by Americans then sent to other countries
![Page 28: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/28.jpg)
M2The category of money supply that includes currency, checking
and savings accounts
The most common monetary figure referenced by economists
![Page 29: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/29.jpg)
monopoly
A market situation in which one company dominates production of a good or service
![Page 30: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/30.jpg)
Flat Tax
A tax that charges each person the same percentage of income
![Page 31: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/31.jpg)
Collective Bargaining
The process by which a union negotiates with employers for new contracts
![Page 32: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/32.jpg)
CorporationA business formation that has registered papers with its state of origin
Has limited liabilityNever expiresSeen as an individual by the law
![Page 33: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/33.jpg)
Mortgage
A loan with which one buys land or a house
![Page 34: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/34.jpg)
Socialism
Economic system in which the factors of production are owned by the state
![Page 35: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/35.jpg)
Non-ProfitsBusiness formations/corporations whose primary purpose is not to make money.
Surplus revenue used to grow the business
EG – Heart Association, Saint Ignatius.
![Page 36: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/36.jpg)
Debt
The amount of money our government has borrowed from banks and bondholders due to its continued deficits
Currently $6.3 Trillion
![Page 37: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/37.jpg)
Trough
The bottom most point of a business cycle
Also called a recession
![Page 38: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/38.jpg)
Profit
Gross revenue – costs = ?
![Page 39: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/39.jpg)
LafferEconomist who theorized that fiscal policy concentrating on
businesses and business owners can most effectively revive an economy
EG – Reaganomics, supply-sided theory
![Page 40: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/40.jpg)
Public Corporation
A corporation that has issued stock to the public through an IPO
“gone public”
![Page 41: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/41.jpg)
National Labor Relations Act
1935 Act of congress that gave unions the right to collectively bargain of behalf of their membersip
![Page 42: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/42.jpg)
![Page 43: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/43.jpg)
Producer Price Index
Economic indicator that tracks the prices of products used primarily by manufacturers
![Page 44: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/44.jpg)
Liability
Legal and financial responsibility for the actions of an individual or a business
![Page 45: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/45.jpg)
Principal
The amount of money you borrow in a loan
![Page 46: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/46.jpg)
Real IncomeYour income over time compared to the rate of inflation
IE – A 5% raise is really only 3% if inflation rates are 2%
![Page 47: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/47.jpg)
Trade Deficit
A situation that exists when a nation imports more goods and services than it exports
![Page 48: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/48.jpg)
Fiscal Policy
The act of a government in which it taxes citizens in order to provide goods and services
![Page 49: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/49.jpg)
Discount Rate
The lowest rate set by the Federal Reserve
Money lent to banks in trouble
![Page 50: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/50.jpg)
Oligopoly
A market situation in which the production of a good or a service is dominated by only a few companies
![Page 51: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/51.jpg)
Progressive Tax
A system of taxation in which a government takes a higher percentage of income from those citizens that make more money
![Page 52: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/52.jpg)
Medium of Exchange, store of value, measure of value
What are the functions of money?
![Page 53: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/53.jpg)
Entrepreneur
A person who takes the initial risk of time and capital to start a business
![Page 54: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/54.jpg)
Diversification
The dispersal of surplus money into a wide variety of investments
![Page 55: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/55.jpg)
Communism
A socialist regime that is headed by a dictatorship
![Page 56: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/56.jpg)
Perfect Competition
A market situation in which there are many producers, many consumers, and no government intervention
![Page 57: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/57.jpg)
capital, natural resources, labor, entrepreneurs, technology
What are the factors of production?
![Page 58: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/58.jpg)
Asset
Something that you own that is worth some sort of money
![Page 59: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/59.jpg)
Ralph Nader
The father of American consumer activism
![Page 60: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/60.jpg)
Alexander Hamilton
The father of American liberal thought who proposed a strong federal government and a national bank
![Page 61: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/61.jpg)
Union
Labor organization that collectively bargains on behalf of its membership
![Page 62: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/62.jpg)
![Page 63: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/63.jpg)
Peak
The top level of production in a business cycle
![Page 64: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/64.jpg)
Partnership
A business formation in which two or more individuals share responsibility and liability
![Page 65: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/65.jpg)
The Business Cycle
Peak Expansion
Troughcontraction
![Page 66: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/66.jpg)
Social Security
FICA tax program that provides transfer payments
![Page 67: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/67.jpg)
SEC
Government regulatory agency responsible for the stability of stock and bond markets
Investigate insider trading and corporate fraud
![Page 68: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/68.jpg)
Economy
A system of consuming and producing
![Page 69: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/69.jpg)
Futures
An investment in which you buy a contract to take delivery of a commodity at a pre determined date
![Page 70: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/70.jpg)
Money Income
Your take home pay from year to year without inflation figured in
![Page 71: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/71.jpg)
Opportunity CostThe dollar value of the economic decisions you did NOT make
IE – if you build a school right now, you can’t go and build a new community pool
![Page 72: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/72.jpg)
Wage
Hourly pay
![Page 73: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/73.jpg)
InterestPercentage of money you pay to use someone else’s capital
Usually calculated on a yearly basis with monthly installments,
![Page 74: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/74.jpg)
Capital
Factor of production that includes money and anything you buy with money
![Page 75: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/75.jpg)
Foreclosure
To default on a mortgage
![Page 76: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/76.jpg)
EquityThe amount of something that you own
IE – another name for a stock -- what portion of your house you own
![Page 77: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/77.jpg)
401K
Most popular retirement program in the US today
Pretax, tax-exempt investments
![Page 78: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/78.jpg)
IPO
Companies go public in a process called an ____ _____ _____.
![Page 79: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/79.jpg)
Some Foreign Moneys
EnglishRussianFrenchChineseMexicanJapaneseGerman
Pound
Ruble
Euro
Yuan
Peso
Yen
Euro
![Page 80: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/80.jpg)
Adam SmithAuthor of The Wealth of Nations
Father of modern capitalistic thought
“invisible hand”
![Page 81: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/81.jpg)
Reaganomics
Conservative economic policy of the 1980s that promoted lower taxes and less government regulation
![Page 82: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/82.jpg)
![Page 83: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/83.jpg)
Strike
Workers that refuse to work are on …
![Page 84: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/84.jpg)
Deductions
These are amounts of money that you can subtract from your gross income when you file your taxes
Children, charitable contributions, mortgage interest
![Page 85: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/85.jpg)
Sherman Anti-Trust Act
1890 Act of congress that forbade “any contract, combination or conspiracy” in the “restraint of trade”
![Page 86: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/86.jpg)
FDIC
Government regulatory agency that oversees banks and insures your deposits up to $100,000
![Page 87: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/87.jpg)
Microeconomics
Field of Economics that studies individuals, businesses and the choices that they make
![Page 88: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/88.jpg)
Bond
An IOU issued by a government or a corporation
They pay you interest over time for the use of your capital
![Page 89: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/89.jpg)
Options
A contract that you invest in that gives you the right to buy or sell a share of stock at a given price at some point in the future
![Page 90: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/90.jpg)
Floating Exchange Rates
The American dollar fluctuates against foreign moneys due to a system of . . .
![Page 91: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/91.jpg)
Comparative AdvantageSituation in which a country has the ability to produce a product
more cheaply and efficiently than another country
IE – The opportunity cost of Haiti producing cars is so expensive when compared to that of the USA
![Page 92: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/92.jpg)
Prime Rate
The interest rate that banks loan money to their best customers
![Page 93: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/93.jpg)
![Page 94: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/94.jpg)
Productivity
The efficiency with which people and countries provide and create goods and services
![Page 95: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/95.jpg)
Saving less, and buying more
People react to higher lower rates in the economy by . . .
![Page 96: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/96.jpg)
Bankruptcy
A legal declaration of your inability to pay debt
![Page 97: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/97.jpg)
Collateral
Money or property put up as a good faith measure for the repayment of a loan
![Page 98: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/98.jpg)
Poverty Rate
Percentage of American citizens who live in a household of 4 that makes less than $17,100
![Page 99: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/99.jpg)
Going Public
Selling stock in your company to raise capital for expansion
![Page 100: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/100.jpg)
Karl Marx
Author of the Communist Manifesto, Father of Socialism
![Page 101: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/101.jpg)
Alan Greenspan
Led the Federal Reserve through the boom of the 1990s
Current chair
![Page 102: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/102.jpg)
Political Action Committee (PAC)
Organization that raises for a specific cause in order to lobby congress
![Page 103: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/103.jpg)
![Page 104: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/104.jpg)
Consumer Price Index (CPI)
Economic indicator based upon the prices of 80,000 products
Our most reliable indicator of inflation
![Page 105: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/105.jpg)
FOMC
The decision making body of the Federal Reserve
Meets every 6 weeks on a Tuesday
![Page 106: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/106.jpg)
Open Market Operations
The Fed controls our money supply through the bond market
The Federal Reserve loosens the money supply by buying bonds
![Page 107: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/107.jpg)
Stock
A certificate of ownership in a public corporation
![Page 108: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/108.jpg)
JM Keynes
1930s economist that advocated the use of government taxes and programs to control an economy
Demand-sided ideas
![Page 109: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/109.jpg)
They must decide what gets produced and consumed, and thus, what gets produced and
consumed
What role do individuals play in an economy?
![Page 110: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/110.jpg)
They assume risk, create new businesses, and thus bring about economic growth
What do entrepreneurs do?
![Page 111: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/111.jpg)
Less of something else is produced
If a factory or country is FULLY productive, more of one product can only be produced if . . .
![Page 112: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/112.jpg)
More stuff in less time
When workers are more specialized and are better trained, their become able to produce . . .
![Page 113: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/113.jpg)
Productive!
When a company buys new machinery and equipment, we should expect that the workers will get more . . .
![Page 114: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/114.jpg)
Individual acting for themselves in competitive markets!
Who does a better job of deciding what gets produced and consumed?
![Page 115: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/115.jpg)
Both you and the store benefit.
When you get something on sale, who benefits from this?
![Page 116: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/116.jpg)
medium of exchange
When you buy a sweatshirt, what role does money play?
![Page 117: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/117.jpg)
competitive markets and free trade
What keeps businesses from gouging consumers with very high prices?
![Page 118: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/118.jpg)
Higher
A decrease in the supply of sweatshirts will result in ____ prices.
![Page 119: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/119.jpg)
Fewer, more expensive cars
What will a shortage of steel do to the market for cars?
![Page 120: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/120.jpg)
Electrical engineers are more scarce and their labor is more specialized
Electrical engineers make more money than bus drivers because . . .
![Page 121: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/121.jpg)
Everyone benefits no matter what taxes they pay
Government provides something like national defense because . . .
![Page 122: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/122.jpg)
Increase supply and decrease price
Breaking up a monopoly in the phone industry should do what to price and quantity of phone service?
![Page 123: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/123.jpg)
![Page 124: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/124.jpg)
Go up
In a free market, when worker output increases, wages should
![Page 125: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/125.jpg)
Controlling pollution is cheaper than its negative impact
Why does the government make pollution illegal?
![Page 126: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/126.jpg)
Good and free access to factors of production
What limits our GDP (productivity)?
![Page 127: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/127.jpg)
People would consume less
How would declining incomes impact consuming?
![Page 128: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/128.jpg)
Less spending
How do higher taxes impact consumers and businesses?
![Page 129: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/129.jpg)
It should decrease!
What happens to unemployment when the economy grows at a higher rate?
![Page 130: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/130.jpg)
it goes down, this is called a real income
What happens to standard of living when inflation goes up faster than income?
![Page 131: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/131.jpg)
It increases the money supply
When the Fed lowers the reserve requirement, banks can lend out more money. What does that do to the money supply?
![Page 132: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/132.jpg)
LESS
More trade, coupled with more job training and specialization will result in ____ worldwide unemployment
![Page 133: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/133.jpg)
Deficit
If the government cannot pay its bills, it will borrow money. This is called a budget ______
![Page 134: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/134.jpg)
Inhibits free trade
Tariffs, taxes on imports, tend to have what impact on free trade.
![Page 135: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/135.jpg)
No. They tend to favor one industry over another
Can tariffs ever be fairly assessed on imports?
![Page 136: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/136.jpg)
Trade Deficit – Definitely a bad thing
The value of your country’s imports exceed the value of exports. What’s that called?
![Page 137: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/137.jpg)
![Page 138: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/138.jpg)
Holy Hell Yes!
Do the values of our moneys around the world impact world trade?
![Page 139: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/139.jpg)
Strengthened
If a dollar is worth more euros than it was worth yesterday, we can say that the dollar ______ against the euro.
![Page 140: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/140.jpg)
Makes them more affordable
What will a weaker dollar do to the value of American goods in France?
![Page 141: Final Review Final Review Mr. Hess Economics This presentation will probably involve audience discussion, which will create action items. Use PowerPoint](https://reader038.vdocuments.us/reader038/viewer/2022110401/56649de65503460f94aded09/html5/thumbnails/141.jpg)
Real per capita income growth over time
What is the best measure of our standard of living?