Economics Unit Review
- Define Economics
- Define Commodities.
- Define Macroeconomics.
- Define Microeconomics.
- List 2 nations with nominal GDP (in 2014) of 5000 Billion US Dollars.
- Define Market Economy.
- Define Planned Economy.
- Define Mixed Economy.
- Economic resources are commonly called another term. What is it?
- Which factor of production is described by the natural resources utilized for production?
- Which factor of production is described by the human capital available to produce?
- Which factor of production is described as the monetary resources and infrastructure available to facilitate production?
- Which factor of production is described as “putting the others together” and sometimes considered a type of Labor?
- One tool governments use to influence the economy is described as adjusting the supply of money in an economy. Identify the term so described.
- One tool governments use to influence the economy is described as adjusting government taxation and spending in an economy. Identify the term so described.
- Historically, governments utilized colonies as an economic tool to provide raw materials and markets for goods. Which term describes this colonial economic relationship?
- Identify the term defined as a symbol that represents the value of various quantities of various resources, or “stored wealth”.
- Which type of money derives its value from the commodity which it is made?
- Which type of money derives its value from it being a claim on an amount of a commodity?
- Which type of money derives its value from the decree that it has value?
- Define wealth.
- Define scarcity.
- Briefly describe the relationship between price and quantity as described by the Law of Supply.
- Briefly describe the relationship between price and quantity as described by the Law of Demand.
- Keynes’s Law focuses on the importance of demand to increase economic productivity. Which historical event influenced Keynes’s focus on the necessity of government intervention to create demand?
- What does Say’s Law suggest as the key to economic growth?
