Economics 11th-Study Guide

I Quarter Exam
Mr. Aguilar

1. Why is economics considered a science?

A= Objectivity, Discovery, Data Collection and analysis, Formulating and testin of
theories
2. What is the object of study of economics?
A=
1. The study of how society manages, its scarce resources
2. Study how people make decisions
3. How much they work
4. What they buy
5. How much they save
6. How much they invest their savings

3. Where is the word “economics” derived from?

-middle french’s yconomic
-medieval latin oeconomia
-ancient Greek oikonomia or oikonomas
Oikas means “house”
Nemein means “to manage”

4. What are the 10 principals of Economics?

1. People face trade-offs
2. The cast of something is what you give up getting it aopportunity cost
3. Rational think at marginal cost and marginal revenue marginal change
4. People respond to incentives
5. Trade can make everyone better -off
6. Markets are usually a good way to organize economic activity
7. Governments can sometimes improve market outcomes
8. A country’s standard of living depends on its ability to produce goods and
services
9. Growth of money leads to inflation
10. Society faces a short- run trade off between inflation and unemployment
5. What are the Main Branches of Economics?
Microeconomics, Macroeconomics

6. Know what happens in each type of economic system.

7. Name the types of economic systems?
A= Traditional Economic system, Command Economics, Market Economies, Mixed
Economics

8. Know how to draw a Demand curve.

9. Know how to draw a supply curve.
10. Know how to combine both curves to find the price or equilibrium.
11. What are the 5 categories in Accounting?
A= Assets, liabilities, stockholders, revenue, expenses
12. Know the rules of Debits and Credits.
13. Know how to Journalize. (like we’ve done in class)