ECONOMICS
Know these basic Economic Terms
MicroEconomics versus MacroEconomics
opportnuity Costs
scarcity
supply
demand
market/equilibriumm price
price ceiling
price floor
fiat money
commodity money
money supply
discount rate
inflation
unemployment
expsnsion
contraction
recession
absolute advantager
comparative advantage
Identify and explain:
- the four factors of production
- what causes demand to shift
- what causes supply to shift
- the effects of government controls on price (ceilings and floors)
- the different types of economies
- the relationship between schooling and earning potential
- the different types of spending
- how to write a check
- how to balance a bank/check book
- the role of the Federal Reserve in controlling inflation
- how the business cycle works
Know these basic Economic Terms
MicroEconomics versus MacroEconomics
opportnuity Costs
scarcity
supply
demand
market/equilibriumm price
price ceiling
price floor
fiat money
commodity money
money supply
discount rate
inflation
unemployment
expsnsion
contraction
recession
absolute advantager
comparative advantage
Identify and explain:
- the four factors of production
- what causes demand to shift
- what causes supply to shift
- the effects of government controls on price (ceilings and floors)
- the different types of economies
- the relationship between schooling and earning potential
- the different types of spending
- how to write a check
- how to balance a bank/check book
- the role of the Federal Reserve in controlling inflation
- how the business cycle works