economicsreview powerpoint name: class period. command economy define collective define heavy...
TRANSCRIPT
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 ____________
(Write the factor on the line)
• Definition:
• Example:
• Factor #2• __________ (Write the factor on the line)
• Definition:
• 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 formThe similarities between scarcity and shortage are:
Opportunity Cost Vs Trade Off
Opportunity Cost:
• Definition:
• Scenario:1.
2.
Trade Off
• Definition:
• Scenario:1.
2.
Define the following terms
• Guns and Butter• Definition:
• Scenario:
• Thinking at the Margin• Definition:
• Scenario:
What does the Production Possibility frontier show you?
• Answer:
Definition: Characteristics:
Example: Non-Example:
Efficiency
What are KEY ECONOMIC QUESTIONS
• 1.
• 2.
• 3.
Definition: Characteristics:
Example: Non-Example:
Mixed Economy
Definition: Characteristics:
Example: Non-Example:
Command Economy
Definition: Characteristics:
Example: Non-Example:
Traditional Economy
Definition: Characteristics:
Example: Non-Example:
Market Economy
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:
Definition: Characteristics:
Example: Non-Example:
Ceteris Paribus
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
Definition: Characteristics:
Example: Non-Example:
Inelastic
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 formThe 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
• Contraction
• Expansion
• Trough
• List the 4 things that impact the cycle
1. 2.
3.
4.
• Explain each item that impacts the cycle
1.
2.
3.
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
Definition: Characteristics:
Example: Non-Example:
GDP
GDP Continued
• List the 2 ways GDP is calculated
• List the 2 types of GDP
Definition: Characteristics:
Example: Non-Example:
Inflation
What are the affects of inflation?
Fiscal Policy
• Expansionary Policy
• What happens to government spending
• What happens to taxation
• Contractionary Policy