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Economics Test Reviews . Unit 1 . Characteristics of the U. S. free enterprise system How does competition influence markets in the free enterprise system? Communist economic system Be able to create a circular flow model Opportunity cost Business responsibilities

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unit 1
Unit 1

Characteristics of the U. S. free enterprise system

How does competition influence markets in the free enterprise system?

Communist economic system

Be able to create a circular flow model

Opportunity cost

Business responsibilities

Be able to compare and contrast free enterprise, socialist, and communist economic systems

unit 11
Unit 1

Advantages and disadvantages of corporations

Sole proprietorships

How does a corporation raise capital?

How can government affect the circular flow model?

Basic economic problem

Friedrich Hayek

Production possibilities curve

unit 3
Unit 3

Comparative advantage

Absolute advantage

Specialization

Trade

Tariff

European Union

North American Free Trade Agreement

How does international trade shift the PPC?

Opportunity cost

unit 4
Unit 4

Pure competition

Monopolistic competition

Oligopoly

Monopoly

Demand

TIMERS

TIGGERS

Supply

Price, quantity, equilibrium price, equilibrium quantity

Be able to draw and interpret supply and demand curves

Why supply and demand curves shift

Market

Non-price determinant of supply and demand

unit 5
Unit 5

Liquidity

Risks of investment

How to figure net worth

IRA

401K

Mutual fund

Five Cs of Credit

Benefits and costs of home ownership

How to payoff credit card debt?

Costs and benefits of bankruptcy

How to improve your credit score?

Open-end credit

Closed-end credit

unit 6
Unit 6

Income tax, excise tax, tariffs

State, local, and federal taxes

How does the government regulate our economy?

How does international trade effect our economy?

Revenues, expenditures

Characteristics of economic expansion

Who has the authority to tax?, 16th Amendment

OSHA

Expansionary and contractionary monetary policy

How do new technologies affect economic growth?

Economic indicators- unemployment rate, housing starts, Consumer Price Index (a measure for inflation), PPI, bankruptcies, Gross Domestic Product, stock market prices

unit 7
Unit 7

Commodity money

Fiat money

Representative money

Who owns the Federal Reserve?

What are reasons for the decline of the U. S. dollar’s value?

Pros and cons of barter, currency, credit, and debit cards

Phases of the business cycle

Tight money policy and easy money policy

Functions of money

Monetary policy

The Fed’s tools

Federal Reserve System

What happens when the reserve requirement is raised?