This will have everything that was written on the economic final review worksheet given to the seniors.
If some answers are not filled in, it's cause I was too lazy to do it. Or it's somewhere on the site.
Procrastination is a lovely thing.
If some answers are not filled in, it's cause I was too lazy to do it. Or it's somewhere on the site.
Procrastination is a lovely thing.
the paradox of value
The paradox of value is the apparent contradiction between the thigh monetary value of a nonessential item and the low value of a essential item.
economics role as a social science, and what does it deal with?
bank accounts
Bonds and their rating systems
C.D's
credit scoring and the relationship to the interest rate you will receive
relationship between risk and possible return
the three major stock exchanges
credit
GDP and gnp
opportunity cost
production possibility frontier curve
required auto insurance in wisconsin
how long will a negative remark and bankruptcy on your credit report stay for?
the characteristics of a market economy and an example
the characteristics of a command economy and an example
pros and cons of a market economy
pros and cons of a command economy
ways to raise your fico score
pyramid of risk for investments
Mutual funds and the fees associated with them
when shorting a stock, how do you make money?
Shorting a stock is basically betting that it will lose money. To profit from a decrease int he price of a stock, a short seller borrows the shares and sells them, expecting they will be cheaper to buy back in the future. The owner is not notified the shares are loaned to the short seller, but this does not impede the owner from selling at any time.
law of demand
The law of demand states that, other things remaining same, the quantity demanded of a good increases when its price falls and vice versa.
law of supply
The law of supply states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
The law of supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.
The law of supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.
demand and supply shifters
inelastic, unit elastic, and elastic for demand and supply
what is the "incidence of a tax"
what is the maximum amount of interest you can be charged, in wisconsin, for a loan?
how often are you allowed a free credit report from each reporting agency?
the three credit reporting agencies
The three CRA's are
Equifax
Experian
Trans Union
Equifax
Experian
Trans Union
when putting a demand and supply curve on the same graph, what is the intersection called?
The intersection is called the market equilibrium point.
no such thing as a free lunch
sources of taxes for federal government
sources of revenue for states and local government
401(k) plan, 403(b), Roth IRA
tax exempt / tax deductions
tax refund and owing
consumer sovereignty
5 characteristics of capitalism
different classifications for workers skills
stock quotes
what areas comprise a fico score? what percentages does each area have?
Insurances
grace period
installment credit and revolving credit
apr%
what are the three questions that economics attempts to answer?
what is the difference between a need and a want? Also give an example of each.
Utility
Horizontal and Vertical mergers
The five characteristics of capitalism
Fixed and variable costs
stages of production
surplus and shortage
price ceiling and floors
fica
criteria of effective taxes
principles of taxation
3 types of taxes and examples
what does a dependent means in regards to taxes?
A dependent is a person other than the taxpayer or spouse who entitles the taxpayer to claim a dependency exemption. Each dependency exemption decreases income subject to tax by the exemption amount. A taxpayer cannot claim a dependency exemption for a person who can be claimed as a dependent on another tax return.