Welcome to ECONOMICS TERMS PAGE

Please note the handout tests. You will take those in the classroom.

#	Lesson	Terms to Learn/ Assignments	#	Handout Test
1	INTRODUCTION TO ECONOMICS	economic application tools, secondary effect, economist job description, 3 basic economic questions, consumer goods, consumer service, scarce resources, factors of production, natural resources, labor, capital, management, microeconomics, macroeconomics, economics	15	1. INTRODUCTION TO ECONOMICS 100pts
2	SOCIAL SCIENCES	anthropology, demand, council of economic advisers, sociology, supply, culture, political scientist, consumer, economic application tools, geographer, producer, social scientist, simplest society, scarcity, complex society, region	16	2. SOCIAL SCIENCES 100pts
3	MODERN SYSTEMS	3 basic economic questions, controlled system, consumers, economic systems, market system, efficiency, traditional economic systems, capitalist economy, equity, government economic functions, stability, socialism, communism, market socialism, economic application tools, Karl Marx, factor of labor, surplus value, stages of revolution, degrees of freedom, anarchy, democracy, absolute monarchy, oligarchy, mixed capitalism, classical capitalism	26	3. MODERN SYSTEMS 100pts
4	WORLD ECONOMY TO 1500	Nomads, barter system, surplus, patricians, plebeians, Twelve Tables, devaluation, climate and geography, peasant village, feudal system, great depression	11
5	WORLD ECONOMY TO PRESENT	Industrial revolution, guild, colonies, textile industry, nations-states, improvements in technology, flying shuttle, spinning jenny, water frame, Crompton's mule, power loom, industrialism, second industrial revolution, Stock Market crash in 1929, invasion of Poland, third world countries	16	4. WORLD ECONOMY 100pts
6	US ECONOMY TO 1861	Two forces, capitalist system, mercantile system, Middle Colonies, Articles of Confederation, U.S. Constitution, Louisiana Purchase, The Missouri Compromise, The Erie Canal, railroad industry, Industrial Revolution, regional production	12
7	US ECONOMY TO PRESENT	Transcontinental Railroad, new power sources, monopoly, deficit, corporation, Sherman Anti-Trust Act, American manufacturing, Stock Market Crash, laissez-faire, depression, the New Deal, American help after World War II, Gross National Product, highways, recession, inflation	16	5. US ECONOMY 100 pts
8	CLASSICAL THEORISTS	Adam Smith, mercantilism, laissez-faire, invisible hand, David Ricardo, law of comparative costs, Malthusian Principle, law of diminishing returns, John Stuart Mill, Karl Marx, John Maynard Keynes, factor of labor, factors of production, marginal utility, general equilibrium	15
9	MODERN ECONOMIC THEORISTS	Alfred Marshal, neoclassical economists, A.C. Pigou, Vladimir Lenin, Stalin, John Maynard Keynes, consumption, investment, government involvement, Chicago School of Economics, John Kenneth Galbraith, The Great Depression	12	6. ECONOMIC THEORISTS 100 pts
10	AMERICAN ECONOMIC SYSTEM	Circular flow, economic predictions, pure economics, economic ethics, applied economics, economic theory, science of common sense, opportunity cost, law of comparative advantage, interdependence	10	7 AMERICAN ECONOMIC SYSTEM 100 pts
11	REVIEW 1	NO TERMS/ASSIGNMENTS
12	PRODUCERS AND CONSUMERS	Depreciation, producers, consumers, price establishment, market, equilibrium, supply, demand, supply schedule, schedule, fundamentals of graphing, grids, point, supply curve, demand curve, line graph, bar graph, Hi-lo graph, pie graph, timeline	20	8 PRODUCERS AND CONSUMERS 100 pts
13	ROLE OF THE GOVERNMENT 1	John Maynard Keynes, laissez-faire, historical role of government in economy, executive departments, treasury, US Customs Service, Bureau of Engraving and Printing, Bureau of the Mint, Department of Justice, Department of the Interior, Department of Agriculture, Department of Commerce, International Trade Administration	13
14	ROLE OF THE GOVERNMENT 2	The President's Cabinet, Employment Standards Administration, US Employment Service, Public Health Service, Social Security Administration, US Coast Guard, Federal Aviation Administration, Federal Highway Administration, Department of Education, Interstate Commerce Commission, Federal Reserve System, Federal Trade Commission, Consumer Product Safety Commission, Federal Energy Regulatory Commission, The Office of Management and Budget, fiscal year, Council of Economic Advisers	17	9 ROLE OF THE GOVERNMENT T1 100 pts
15	BUSINESS ORGANIZATION	Sole proprietorship, partnership, corporation, capital, liability, Supreme Court ruling in early 1900s, legal entity, perpetual life, private corporation, public corporation, legal corporation, corporation size, vice president of corporation, board of directors, monopoly, security, stock exchange, horizontal expansion, vertical expansion, conglomerate, entrepreneur	21	10 BUSINESS ORGANIZATION 100 pts
16	MONEY AND BANKING	Barter, fiat money, coins, functions of money, margin requirement, reserve requirement, stock market crash causes, Federal Reserve Bank, bank, demand deposit, time deposit, Federal Deposit Insurance Corporation, Federal Reserve System, Board of Governors, needs for working money system	15
17	CREATING CAPITAL	Factors of production, GNP, depreciation, NNP, land, labor, capital, management, government, taxes, tax rate, tax base, progressive tax, regressive tax, excise tax, inheritance tax, estate tax, proportional tax, Federal Income Tax, ad valorem tax, sales tax, disbursement	21	11 MONEY AND CAPITAL 100 pts
18	GNP AND CIRCULAR FLOW	GNP, NNP, depreciation, capital, gross, net, aggregate consumption, aggregate production, aggregate demand, deflation, durable goods, imports, inflation, flow of earnings, formula for GNP, formula for net exports, gross exports, net exports, labor force, non-durable goods, personal savings, price index, unemployment, deflation, Gross National Product	25
19	APPLIED ECONOMICS	Adam Smith, laissez-faire, Karl Marx, Thomas Malthus, formula of geometric progression, arithmetic progression, assembly line, physiocrat, Francois Quesnay, Thornstein Veblen, John Maynard Keynes	11	GNP, CIRCULAR FLOW AND APPLIED ECONOMICS 100 pts
20	REVIEW 2	NO TERMS/ASSIGNMENTS
21	ROLE OF THE GOVERNMENT 3	Three branches, federal government, state governments, county governments, city governments, delegated powers, reserved powers, concurrent powers, 10^th amendment, Commerce Clause, expressed powers, Power to Tax, 16^th Amendment, protective tariff, licensing, direct tax, indirect tax, Gibbons v. Ogden, Civil Rights Act of 1964, currency power, legal tender, borrowing power, bankruptcy		13 ROLE OF THE GOVERNMENT T2
22	LABOR UNIONS	Craft Union, Knights of Labor, AFL, organized labor, union, Collective bargaining, closed shops, Taft-Hartley Act, right-to-work, union shop, Congress of Industrial Organization, open shop, Landrum-Griffith Act, sweat shops, strike, picket lines, scabs, strikebreakers, boycott, secondary boycott, union categories, union concepts, original goal of organized labor	23	LABOR UNIONS 100 pts
23	BUSINESS CYCLES	Business cycle, expansion, peak, recession, trough, recessionary cycle, recovery gap, expansionary growth, gap, contractionary gap, trend, almanac, frictional unemployment, potential labor force, civilian labor force, rates of employment and production during war, recession	16
24	FISCAL POLICY	Fiscal policy, consumption tax, pleasure taxes, tariff, monetary policy, disposable income, liquid assets, non-liquid assets, U.S. Savings Bonds, discount rate, open market operations, Treasury Bills, Federal Reserve Act of 1913, demand deposit, margin requirements, margin	16	BUSINESS CYCLES AND FISCAL POLICY 100 pts
25	ROLE OF THE GOVERNMENT 4	State budget process, executive budget, basic steps, four major functions, 10^th amendment, Due Process and Equal Protection Clause, a mill, Adam Smith, sales tax, general sales tax, selective sales tax, income tax, progressive tax, property tax, tangible personal property tax, intangible ppt, assessment, criticisms of property tax, inheritance tax, estate tax, severance taxes, license taxes, non-tax sources	23
26	SOCIAL PROGRAMS	Beginning of social programs, The New Deal, fractional reserves, FDIC, Tennessee Valley Authority, National Social Security Administration, CCC, historical role of govrnmt in economy, antitrust division, tax division, FBI, Animal and Plant Health Inspection Service, Food and Nutrition Service, Food Safety and Inspection Service, Minority Business Development Agency, Bureau of Economic Analysis, Employment Standards Administration, Bureau of Labor Statistics, Office of Human Development Services, Public Health Service, Health Care Financing Admin, Assistant Secretary for Housing	22	ROLE OF THE GOVERNMENT AND SOCIAL PROGRAMS 100 pts
27	RIGHTS & RESPONSIBILITIES	First Amendment, caveat emptor, caveat vendor, Amendment 5, question about business, medical questions, real estate questions, U.S. Patent Office, copyright, advertising, competition, price competition, non-price competition, disposable income, conspicuous consumption	15
28	GLOBAL ECONOMY	Reason for trade, Law of Comparative Advantage, quota, tariff, embargo, free trade, socialist economy, factor of labor, surplus value, communist economy, anarchy, absolute monarchy, oligarchy, mixed capitalism	14	RIGHTS, RESPONSIBILITIES AND GLOBAL ECONOMY 100 pts
29	CONTEMPORARY ISSUES	List five examples from "The Economic News" of the control of the federal government over different aspects of the American economy. Are these controls justified? Explain your answer.
		FINAL EXAM