CONSUMER ECONOMICS

EOCA STUDY GUIDE

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?

CHAPTER 1 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?

CHAPTER 2 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.

CHAPTER 3 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 TRADE PG. 88

Does fair and open trade among nations benefit all? TRADE ORGANIZATIONS PG. 91

Who is involved in the North American Free Trade Agreement?

CHAPTER 4 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?

CHAPTER 5 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?

CHAPTER 6 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?

CHAPTER 7 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?

CHAPTER 8 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?

CHAPTER 9 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.

CHAPTER 10 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?

CHAPTER 21 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?

CHAPTER 22 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.

ESSAY REVIEW