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CONSUMER ECONOMICS

CONSUMER ECONOMICS . EOCA STUDY GUIDE. CHAPTER 1 REVIEW. CENTRAL IDEAS NON HUMAN RESOURCES PG. 26 PROFIT MOTIVES PG. 29-30 What motivates people to spend money? EQUILIBRIUM PG. 32-33 Are most markets in equilibrium? When is supply and demand in equilibrium HUMAN RESOURCES PG. 26

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CONSUMER ECONOMICS

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  1. CONSUMER ECONOMICS EOCA STUDY GUIDE

  2. CHAPTER 1 REVIEW • CENTRAL IDEAS • NON HUMAN RESOURCES PG. 26 • PROFIT MOTIVES PG. 29-30 • What motivates people to spend money? • EQUILIBRIUM PG. 32-33 • Are most markets in equilibrium? • When is supply and demand in equilibrium • HUMAN RESOURCES PG. 26 • Know examples of human resources. • FOUR QUALITIES OF A MARKET ECONOMY PG. 29-31 • What are the four qualities of a market economy • MARKET’S ANSWER TO SCARCITY PG. 33 • What determines how to divide the goods and services?

  3. CHAPTER 2 REVIEW • CENTRAL IDEAS • DEPRESSION PG. 39 • OLIGOPOLY PG. 50 • DEPARTMENT OF LABOR (DOL) PG. 54 • SECURITIES AND EXCHANGE COMMISSION (SEC) PG. 55 • IMPACT OF UNEMPLOYEMENT PG. 40 • Who is effected by unemployment? • INFLATION • What is a big cause of inflation?

  4. CHAPTER 3 REVIEW • CENTRAL IDEAS • ASSETS PG. 65 • LABOR PRODUCTIVITY PG. 61 • INVESTING FOR THE FUTURE PG. 65 • Why do consumers invest money? • INVESTMENT AND THE ECONOMY PG. 66 • What does consumer investments do for the economy? • SAVING YOUR MONEY PG. 62-63 • Is furniture or a car a form of savings? • CONSUMER MISTAKES LEADING TO PROBLEMS PG. 68-71 • Know the four common consumer mistakes.

  5. CHAPTER 4 REVIEW • CENTRAL IDEAS • ECONOMIES OF SCALE PG. 79 • IMPORTS PG. 77 • OFFSHORE OUTSOURCING PG. 82 • TRADE DEFICIT PG. 87 • WHAT IS TRADED PG. 77 • What percentage of the goods are intermediate goods? • WHY NATIONS FAVOR FREE TRADEPG. 88 • Does fair and open trade among nations benefit all? • TRADE ORGANIZATIONS PG. 91 • Who is involved in the North American Free Trade Agreement?

  6. CHAPTER 5 REVIEW • CENTRAL IDEAS • COST BENEFIT PRINCIPLE PG. 110 • STANDARD PG. 108 • IMPORTANCE OF ETHICS PG. 104 • Ethics conforms to accepted standards of? • SYSTEMATIC DECISION MAKING PG. 111 • What are the five steps in the decision making process?

  7. CHAPTER 6 REVIEW • CENTRAL IDEAS • EXPENSE PG. 121 • FIXED EXPENSE PG. 212 • INCOME PG. 121 • ESTIMATE AND TOTAL YOUR EXPENSES PG. 121-122 • What is variable expenses? • LIABILITIES PG. 129 • What is a long term liability? • WORKING THROUGH FINANCIAL PROBLEMS PG. 140 • What does an emergency fund help you with?

  8. CHAPTER 7 REVIEW • CENTRAL IDEAS • MEDICAID PG. 156 • SALARY PG. 151 • WAGE PG. 150 • PAYROLL DEDUCTIONS PG. 153-154 • Another name for take home pay? • TAX LEGISLATION PG. 168 • What is the main aim in tax reform proposals? • MANDATORY EXPENSES PG. 156 • What are the different types of entitlement programs? • YOUR EMPLOYERS ROLE PG. 160-161 • What does the form W-2 determine?

  9. CHAPTER 8 REVIEW • CENTRAL IDEAS • COMMERICAL BANK PG. 179 • CREDIT UNIONS PG. 180-181 • At what rate can credit unions lend funds? • ONLINE BANKING SERVICES PG. 183-184 • What does online banking allow customers to do? • OPENING A CHECKING ACCOUNT PG. 187-188 • What do you receive when you open a checking account? • BALANCING YOUR CHECKBOOK PG. 193-194 • How often do you receive a bank statement? • WRITING CHECKS PG. 192-193 • When would your write void on a check? • TRAVELER’S CHECKS PG. 195 • What do you need to identify lost or stolen checks?

  10. CHAPTER 9 REVIEW • CENTRAL IDEAS • YOUR CREDIT RATING PG. 207 • What makes you creditworthy? • CHECK YOUR CREDIT REPORT REGULARLY PG. 219 • How do you receive your credit report? • THE CREDIT REPORT PG. 207 • How many national credit reporting agencies are there? • REASONS TO USE CREDIT PG. 201-202 • Know the advantages of using credit. • FINANCE CHARGES PG. 204 • What are the three factors that determine the cost of credit? • DISCLOSURE PG. 212-214 • When comparing credit terms you want to consider all of these. • GET CREDIT COUNSELING PG. 222-223 • What does the National Foundation for Consumer Credit offer?

  11. CHAPTER 10 REVIEW • CENTRAL IDEAS • EXCLUSIONS PG. 237 • PREEXISTING CONDITION PG. 237 • PART A HOSPITAL INSURANCE PG. 241 • Do you pay a premium for Part A coverage? • DISABILITY INSURANCE PG. 242-243 • Do employers provide limited disability insurance to their workers? • TERM LIFE PG. 244 • What is an advantage of term life insurance? • MANAGING RISK PG. 232 • What are the four strategies for dealing with risk? • HEALTH SAVINGS ACCOUNT PG. 236 • What three ways can a HSA save you money? • GOVERNMENT SPONSORED HEALTH INSURANCE PG. 240 • Review the ways to lower health care costs.

  12. CHAPTER 21 REVIEW • CENTRAL IDEAS • CAREER CLUSTERS PG. 550 • INTERNSHIP PG. 562 • MAKING A CAREER PLAN PG. 547 • When is a career plan set up? • What is included in a career plan? • EMPLOYMENT TRENDS PG. 554-555 • Does the development of technology mean the skill of workers are less important? • CAREER GUIDES PG. 553 • What does the Occupational Outlook Handbook provide? • MAKING A CAREER PLAN PG. 547-549 • What factors do you want to consider when choosing a career?

  13. CHAPTER 22 REVIEW • CENTRAL IDEAS • CORPORATION PG. 581 • SUCCESS IN THE WORKPLACE PG. 577-578 • Communication includes listening to what others have to say? • MANAGING MULTIPLE ROLES PG. 585 • What is a dual-career family?

  14. ESSAY REVIEW • CENTRAL IDEAS • NAME AND DESCRIBE THE BUSINESS CYCLE. • LIST WAYS YOU CAN PREPARE FOR GLOBAL EMPLOYMENT. • EXPLAIN AND GIVE AN EXAMPLE OF PRIORITIZE. • LIST ADVANTAGES OF ONLINE BANKING. • WHY SHOULD INSURNACE BE A PART OF YOUR FINANCIAL PLAN.

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