DWU #2Should the government provide its’ citizens with a free education? Should the government give you free food? Free house?Free college? What should the government provide for its’ citizens?Explain.

DWU #4

• For each economic system, explain who owns the factors of production (human, natural, capital resources)?

• Capitalism – • Communism – • Socialism –Explain each system using examples.

DWU #4

• What are the four factors of production? • Why are they important?• Explain each one in detail.• How does it relate to the PPC curve?

DWU #3

• Explain marginal analysis.• Explain how you used marginal analysis while

buying a good or service.– Use costs and benefits in your answer.

DWU #1

• What would happen to your demand if the price of everything dropped significantly. Explain.

• What would happen to your demand if the price of everything went up significantly.

Explain.What is the relationship between price and

demand?

DWU #3• What is the relationship between Price and

Quantity Demand? • Using the demand schedule below create a

demand curve. – Price Quantity Demanda. $50 100b. $75 75c. $100 30d. $110 20

-Calculate the slope of the demand curve from pt. b to d-What does your answer mean?

DWU - 2

• Use the following terms in a paragraph description of demand:-Halloween-demand-consumers-price-inverse relationship

Underline the terms as you use them.

DWU #1

• What are three economic systems?• Explain the differences between them.• What is a mixed, market and traditional

economy.

DWU #4

• Explain the difference between opportunity costs and trade-offs.

• Compare it to a Friday night activity and describe how you calculated your opportunity cost.

DWU#

• What is the production possibilities curve?• What does it mean if you are producing along

the curve?• What does it mean if you are producing inside

the curve?• If you have a company moving production from

12 million cars to 18 million cars and trucks moving from 22 million to 17 million, what is the opportunity cost for this business?

DWU #1• Why would you want to calculate slope for your business?• If this was a demand schedule for shoes, what would

calculating slope help us understand?• Using the demand schedule below, calculate the elasticity

from pt. b to d . • Are these shoes elastic or inelastic?

– Price Quantity Demanda. $50 100b. $75 75c. $100 30d. $110 20

DWU #1

• LIST THE FIVE DETERMINANTS OF DEMAND.• -EXPLAIN EACH IN DETAIL.

DWU #2

• What is the law of supply?• What is the relationship between price and

quantity supply?• List and explain the 4 determinants of supply.• Illustrate the supply curve.• Add the demand curve.• Locate Market Equilibrium. (P1,Q1)

DWU

• List the determinants of supply and demand.• What happens to the demand/supply curve if

a company has to recall a product because of a defect?

• What determinant is affected?• Graph the results of the graph and what is the

effect of price and quantity?

DWU #3

• List the determinants of supply and demand• List the slope formula.• List the elasticity formula.• Calculate the slope and elasticity of the

following price and quantity changes.– Price change in gas from 3.50 to 4.00– And a quantity demand change from 16 million

gallons sold to 14 million gallons sold.

DWU #4• What are interest rates?• What is the interest rate calculation?• Why is it better to pay as much off per month than to

pay less monthly?• Calculate Bartz’s house loan.• Loan – 460,000• Interest rate – 3.75%• 30 years• Answer the following:– What is his monthly house payment?– How much total will he pay over 30 years?– How much will the bank make of him over the 30 years?

DWU #4

• What does it mean if our economy has a shortage of water or gasoline? – What is a shortage?– What happens to price?

– Graph the following scenario? If you dare!The market equilibrium for gasoline nation wide is currently at

$2.76 per gallon and 26 million gallons demanded daily. Gas companies find it increasing harder to explore where it can only offer 20 million gallons at which consumers demand 30 million on Thanksgiving holiday.

DWU #3

• Define the four market structures:-monopoly--perfect competition--monopolistic competition--oligopoly-

DWU#1

• What is your interest rate on your credit cards in class?

• Calculate the monthly payments on a credit card debt of $2000.00 with an interest rate of 10% If you wanted to pay it off in 1 year?

• What about 2 years?• Why is it important to pay the card off as fast

as you can?

DWU #

• If you were in the market for some Snoop Dogg concert tickets and there were only 20,000 tickets supplied but 80,000 people wanted to go, what would result?

• Market Equilibrium P=60 Q=50,000• Graph it…• Shortage/Surplus?• Price?• How can this situation lead someone to EBAY or

craigslist?

DWU#`

• What is fiscal policy?• What fiscal policy is implemented during times

of recession?• What does the government do with taxes and

government spending?• Graph the result.

DWU #2

• Define Recession.• What is the fiscal policy that we implement

during times of recession.• What does the government do with taxes and

government spending?• Graph the result.

DWU #4

• What is total product?• What is marginal product?• What is the law of diminishing returns?Labor` Total Product Marginal

Product0 0

1 900

2 2000

3 3500

4 4400

5 4300

DWU #3

• Why do people invest in the stock market?• What does “diversify your portfolio” mean?

-USE THE SAYING “DON’T PUT ALL YOUR EGGS IN ONE BASKET”`

DWU #1

• What are three macro-economic goals?• Explain each in detail and how they affect the

economy.

DWU #4

What are the four components of Gross Domestic Product?What percentage does each part contribute to our entire

economy?What is a trade deficit?What is a trade surplus?

If imports = 30 billion dollars worth of goods while exports =45 billion dollars worth of goods, what

happens to Gross Domestic Product? Why?

DWU #1

• What are the three types of unemployment?• Explain each in detail.• What two types of unemployment make up

the NRU.• What type of unemployment relates to a

recession?

DWU #

• What is nominal GDP? What is real GDP? What is the GDP deflator? What would a GDP deflator of 105 mean? What would a GDP deflator of 93 mean?

• Calculate the following:• Real GDP = 13 Trillion• GDP Deflator of 120

DWU 3

• What is the difference between the future value of money and the present value of money?

• What are the calculations used in determining the two?

• Would you rather have 130 dollars in two years or 100 dollars now if the interest rate was 20%?

• What is the present value of the 130 dollars two years previous``?

DWU #4

• What is fiscal policy?• What are the two things that the government

can do to fix the problems?• What are the two fiscal policies to fix the

problems? What does the government do?• How does the government action help

aggregate demand.`

DWU’#2

• What is tax season?• What does it mean to do your taxes?• What if you don’t do your taxes?• Why do you want to show the government

that you don’t make that much money?