Economics HSCE Review

You should be able to understand how each of these terms function (not just the definitions)
For example, when it says Price you should be able to understand how price is determined,
what has an effect on price, and how that is different in different types of economies.

Scarcity-

Supply-

Demand-

market-clearing price-

Opportunity cost -

comparative advantage-

inelastic-

elastic-

substitute good-

complementary good-

diminishing returns-

Barter -

We have unlimited ________and limited _____________

Price-

Market Economy-

Command Economy-

Traditional Economy-

Free Market -

Mixed Economy -

entrepreneurs-

Stock-

Bonds-

Interest-

The Rule of 72-

intellectual property-

trademarks-

corporations-

rights of persons-

externalities-

OSHA-

EPA-

globalization/global economy-

free trade-

fair trade-


outsourcing-

Exports-

Imports-

Tariffs-

Deficit-

Surplus-

Sources of (federal, state, local) government revenue-

Public Goods-

Inflation-

fiscal policy-

U.S. Treasury-

Federal Reserve-

IRS-

Efficiency-

Types of unemployment-

GDP-

price ceiling-

Essay Questions:

Pick something you learned in this class this year and describe how you would teach it more
effectively?

Do you believe a business should take responsibility for their impact?

World Problems- Pick a world problem and describe the issue(s) and solution(s) with economic
terms.

Describe the Ideal Economy

Market vs command

Globalization

Kwanzaa

PSA

Economic Crisis

MLK

Grace Lee Boggs

Community