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Chapter 3 Review

Chapter 3 Review. The Economy. Terms to Know Well. Recession Inflation Depression Sticky Floor Syndrome Glass Ceiling Equal Employment Ethics. True/False. The principle of private property is essential to our capitalistic system. Profit is important to our economic system.

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Chapter 3 Review

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  1. Chapter 3 Review The Economy

  2. Terms to Know Well • Recession • Inflation • Depression • Sticky Floor Syndrome • Glass Ceiling • Equal Employment • Ethics

  3. True/False • The principle of private property is essential to our capitalistic system. • Profit is important to our economic system. • Demand is the same as want. • Competition is the same as monopoly. • Economic growth is basic to a healthy economy. • Demand increases; profit increases.

  4. True/False • Business cycles last about 3 years. • Decline in the GDP for six months or more is called a recession. • If demand drops; profits drop. • The business cycle includes 5 cycles. • During inflation, supply exceeds demand. • We can control economic growth by raising or lowering taxes.

  5. True/False • Competition is the rivalry among sellers for consumers’ dollars. • When supply and demand meet, it is called the “Market Price”.

  6. Complete • CPI means • GDP means • CERES Principles refers to • Generation X is _______ loyal. • Baby Boomer dates: • Labor Force means • Poverty level is under $______

  7. Complete • Define “Ethics” • Give me a “Changing American Value”. • What is our most important resource? • The US is divided into three main sections. They are: • What is “privatization”? • List the three economic systems. • List the three political systems.

  8. Complete • What are the four basic resources used by a producer? • An example of a capital good _____ • The first company to voluntarily agree to follow the CERES Principles ______

  9. Draw • Draw and label the business cycle

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