Have a great summer

Economics Final Review Sheet

Key Terms and Ideas

inelastic                       law of demand                inferior good          elastic          complement    

substitute                     ceteris paribus              market                   surplus            

Factors of production  shortage                          bank run               entrepreneur   

Broker                         Bear Market                 Exempt                Regressive tax            

FICA                           Bull Market                   Gross Pay            Net Pay                      

Price of Inputs            Fixed Cost                      Human Capital      Supply curve  

Demand Curve            Property taxes                Income Tax          Sales tax         

Excise Tax                   S&P 500                      Compliments          Traditional      

Mixed                          Command                      Social Security     Types of Bonds

Budgeting- Auto Loan, Mortgage, Rent, Types of Insurance, Spousal Support, Child Support, Utilities

Taxes- tax brackets, evasion, types of taxes, tax forms, and deductions

Money/Banking- Types of money, Loans, FDIC, Mortgage, Checking

Today we started the monthly budget activity.  See me if you missed class

Joe's Credit Application-  If you missed class see me for makeup work.

1.               What social pressures may lead young adults to obtaining credit cards?

2.                How can credit cards be used as a useful tool for people?

3.                  How much responsibility should be placed on the credit card companies regarding allowing people 
            to have access to multiple credit cards?

4.                 If someone starts to get into credit card debt, what steps would you recommend they take in order to get out of         it?  (Pretend you are the one in debt)

5.                Explain each of the three types of credit cards.

6.               What should a person look for when shopping for a credit card?

7.               What costs are associated with credit cards? Why is it important to shop around for credit cards?

8.               How does the Schumer box help consumers?

9.              Explain the two types of disputes that could arise with a credit card.  For each dispute, what should you do?

10.         How has technology played a role in credit card fraud?

11.         What important safety tips would you recommend someone doing who owns a credit card?

12.        What are the Three C’s of Credit? How is each used to determine whether a person receives a loan or not?

13.        List 4 things you can do to build credit history.

Banking Today Notes:https://docs.google.com/file/d/0B_gpVfHfuRG2dU15TWlyUk92OEU/edit

Bank Failure Video and Quiz today.

Watch the video here: Your Bank Has Failed

See me about taking the quiz

For Thursday we worked on the worksheet below

History of Banking Table