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Units: One-Seven

Page history last edited by D. Ryan Gilmore 9 years, 7 months ago
Unit  Vocabulary RACE Questions






Economics Key Terms Unit 1.pdf

Choose 2 of the 4

  • -Why is scarcity the central concept of economics?
  • -How do people make economic choices?
  • -How and why are production possibility curves constructed?
  • -How do economists display data, and which types of data are collected in the different branches of economics? 







Economics Key Terms Unit 2.pdf  

Choose 4 of the 7

  • -What are the similarities and differences between the three main economic systems?
  • -How do command economies work?
  • -What do market economies require in order to function well?
  • -How would you describe modern economies and the trends they follow?
  • -What is a free enterprise system and how does it work?
  • -How do consumers, producers and the government each influence the allocation of resources in the US economy?
  • -How do governments seek to decrease negative externalities and increase positive externalities?   






Ch. 4-6


Choose 4 of the 7

  • -What is demand and how is it described?
  • -What factors affect changes in demand?
  • -What is supply and how is it described?
  • -What factors affect changes in supply?
  • -How do demand and supply interact to determine equilibrium price?
  • -How do prices provide information about markets?
  • -How does the government use price floors, price ceilings and rationing?   




Ch. 7-8

  • -How do economists use market structures to examine the competitiveness of an industry?
  • -What is the ideal by which economists measure all market structures?
  • -What are the four types of monopolies and how does each develop?
  • -How does government act to prevent monopolies?
  • -What are the types of business structures?
  • -What are the advantages and disadvantages of each type
  • of business structure?






  • -What factors determine how much a worker is paid? 
  • -How does technology affect the labor market?
  • -What role do labor unions play in the labor market?



  • -What are the functions and the properties of money?
  • -How did the U.S. banking system develop?
  • -How has deregulation affected the U.S. banking system?
  • -What factors affect investment choices?
  • -What are the characteristics and the roles of both stocks and bonds in the U.S. economy?



  • -How does macroeconomics analyze the economy?
  • -What do changes in real GDP mean as an economic indicator?
  • -What determines economic growth?
  • -How are poverty and income distribution interrelated?
  • -What are the effects of inflation on the business cycle?





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