CHAPTER 1 1. What is economics? 2. Describe the term Guns or Butter? 3. What are factors of production? 4. What is opportunity cost?

5. Who are entrepreneurs? 6. What are goods? 7. What is the difference between scarcity and shortage? 8. What is the difference between a need and a want? 9. What is human capital? 10. What is physical capital? 11. To what part of an industry does a workers education contribute?
12. A situation that occurs when a producer cannot offer a particular good or service at the current price

CHAPTER 2

13. What is capitalism? 14. What is an entrepreneurs main motive? 15. What is laissez faire? 16. What is a traditional economy? 17. Communist leader responsible for the Great Purge? 18. Book written by Adam Smith? 19. What are the major characteristics of a command economy? 20. What is socialism? 21. What is the difference between socialism and communism? 22. What does the term the invisible hand refer to? 23. What is the major characteristic of a traditional economy? 24. You decide to spend your movie money to buy clothes. The fact that you can no longer use that money for the movies is called ___________.

CHAPTER 3

25. What does GDP stand for? 26.How does the government obtain funds (money) for welfare?

27. Workers who are laid off or lose their jobs will more than likely receive what type of benefit?
28.What President established the nations welfare system? 29.What is a public good? Give 3 examples of public goods.

30. John D. Rockefeller, Andrew Carnegie, and Bill Gates are considered __________.
31.What does FDA stand for?

32.

33.What is microeconomics?

What did the Morrill Acts of 1862 and 1890 create?

34.What is macroeconomics? 35.What is poverty threshold?

CHAPTER 4

36.Define Normal Good 37.Define Complements 38.Define Law of Demand 39.Define Income Effect 40.Define Demand Curve 41.Define Inelastic

CHAPTER 5

42.State the law of supply. 43.Draw the law of supply 44.What is a supply schedule? 45.What are input costs? 46.What determines whether the supply of a good will be elastic or inelastic? 47.What is supply? 48.What are excise taxes? Give examples of products that have an excise tax. 49.Define variable. 50.Define elasticity of supply 51.Define supply curve

CHAPTER 7

52.What might the government use to encourage firms to research and develop new products? 53.What are economies of scale? 54.How do start-up costs discourage entrepreneurs from entering a market? 55.What are two examples of barriers to entry in the magazine market? 56.Which monopoly was broken up in 1911 and was under the direction of John D. Rockefeller? 57.What is the purpose of antitrust laws? 58.What is a natural monopoly? Give an example. 59.Why do governments approve of natural monopolies? 60.What is price discrimination?

CHAPTER 18

61.Singapore is the ___________ richest country in Asia. 62.What does LDC stand for? 63.What role do women play in LDCs? 64.List the 6 characteristics of LDCs. 65.What was the purpose of the Singapore Experiment? 66.Define population growth rate. 67.Define the concept of brain drain.