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GENESEE ACADEMY SOCIAL SCIENCE

ECONOMICS HINTS

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ANSWER THE FOLLOWING:

1. What happens as a result of voluntary trade?
 
2. What is psychic income?
 
3. What does marginal mean?
 
4. What do free markets do real well?
 
5. If the demand curve is straight up and down (vertical),   what is the relationship between demand and price?  What is this relationship called?
 
6. How does one know that he has property rights?
 
7. What is the location of most of the poorer nations of the world?
 
8. What does it mean to be literate?
 
9. What is allocation?
 
10. What is the mission of the World Bank?
 
11. What is a checkbook register?
 
12. How are actual international currency exchange values determined?
 
13.What do the letters FED stand for and what is that organization?
 
14. Explain how people can change the amount of money in the market.
 
15.What is the relationship between a strike and an injunction?
 
16. Define both vertical and horizontal integration.
 
17.What kind of competition is there at the beginning of most games?  What kind of competition is there when only one player is left?
 
18.What is "point source" when the government is trying to clean up pollution?

VOCABULARY
 
1. a possible course of action
 
2. firms acting together and not separately
 
3. items that are made for final consumption
 
4. a decline in the average level of prices
 
5.individuals who take a risk of producing a product for profit
 
6. giving one thing in return for another
 
7. anything used to produce a good or service
 
8. a rise in the average level of prices
 
9. a court order to stop someone from doing something
 
10. where exchange happens
 
11. the total raw materials supplied by nature
 
12. what is gained by making a particular choice
 
13. the condition in which people do not have enough income to provide for their basic needs
 
14. use, benefit, transfer
 
15. the nest best choice
 
16 shares of ownership in a corporation
 
17. needs to be about 5%

 
 
 
 
"We hold these truths to be self-evident, that all men are created equal,..." Declaration of Independence, 1776