1.Explain the role of the government in a command or socialist economy.

2.When the price of a good or service falls and consumers buy more of it, what is it that has changed?

3.What is the definition of Wage?

4.How much control do sellers in a "perfect competition" market economy have over price?

5. Producers are willing to sell more goods and services at higher prices than at lower prices. Which law, we discussed in class, does this statement reflect?

6.What is the definition for opportunity cost?

7. Which market structures have the highest numbers of buyers and sellers?

8.Michelle Obama finds out about your new clothing line and decides to help you grow the business.Which direction would the PPF Curve move?

9.Which economic system can be found in the United States?

10. What are the main characteristics that make up monopolistic competition?

11.According to the law of supply, when the price of a good increases, what will happen to the supply of the good?

12.How can scarcity be defined?

13.What does the production possibilities frontier/curve show?

14.Explain the difference between a debit card and a credit card.

15. How many forms of "Capital" exist and what is it used for?

16. Tennis rackets and tennis balls are used together to play tennis. These two goods are considered to be ______________________ of each other.

17.What must be purchased or added whenever you finance, lease or buy a car or a home? Why?

18. In which direction would the curve in a PPF graphmove if you experience a loss in the production of a good?

19.What is the difference between a checking and savings account?

20. What is minimum wage?

21.Customers are now able to order online and pick up their orders at their own convenience and companies are able to instantly do inventory checks on which products are being demanded by their consumers.One factor that causes a shift in the supply curve in this exampleis_______________________________.

22.What are the factors that can change the supply of products?

23.Ms. Jackson has her bills automatically deducted from her checking account every month. Last week, she went shopping for Christmas gifts and completely forgot to check her balance before shopping. Ms. Jackson now has -$250.00 in her account, which means Ms. Jackson

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