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 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 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? 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. 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 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 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? 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? 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? 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? 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? 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. 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? 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? 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.