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STUDY GUIDE FOR ECONOMICS TEST The vocabulary words and questions below will appear on the test. It is suggested that you study everyday between now and the date of the test. Flash cards would be a great way to do this. Most of this information is covered in your notes packet. Vocabulary Words: Understand/know the definitions of the following: Economics Human Resources Opportunity Cost Natural Resources Supply Demand Scarcity Surplus Producers Distributers Consumers Competition Incentives Interdependence Barter System Representative Money Fiat Money Capital Resources The Factors of Production (be able to give an example of each) o Natural Resources o Human Resources o Capital Resources The 4 Types of Industry (be able to give an example of each) o Primary Industry o Secondary Industry o Tertiary Industry o Quaternary Industry Types of Economies: o Traditional Economy o Command Economy o Market Economy Gross Domestic Product (GDP) Per Capita Gross Domestic Product Be sure you reread pages 91-95 again and understand your “Types of Government” chart we filled in. Be able to answer the following questions: What are precious metals? o Which two items are used the most as precious metals? o Why are/aren’t they used for money? What type of economy is a Communist Government such as North Korea or the former Soviet Union? What type of economy is the United States of America? How do the following affect prices of goods and services? o Competition o Supply o Demand Why isn’t a barter system effective? What is the function of supply and demand? o (what do they both help determine?) What are the three functions of money? Be able to list the “Historical Stages of Money” in order: o Barter o Representative Money o Precious Metals o Fiat Money Which of these money systems does the USA currently use?