CONSUMER ECONOMICS

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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
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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
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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
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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
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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.

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