ECONOMICS
GRADE 8
BELLRINGERS
(FOR REVIEW OF CONTENT)
Prepared by Paulette
Cefalu-Walkwitz
1. Explain the meaning of scarcity.
2. Explain how a business uses "costs and benefits".
3. What is the basic difference in goods and services?
4. List some economic wants.
5. When would a business refer to opportunity cost/ trade offs?
6. List some producers. How are producers related to
consumers?
7. How does specialization affect our economy?
8. What affects productivity?
9. Identify and briefly define the three types of economic
systems.
10. Identify and define the two types of productive resources.
11. What is the role of government agencies? Identify a
few of them.
12. Identify the four forms of business ownership.
13. Explain bartering.
14. Whare the are functions of money?
15. What are the characteristics of money?
16. Is it good to have a monopoly? Why or why not?
17. Is competition good or bad? Explain.
18. How does socialism impacy the prices of goods?
19. What determines the growth of the economy?
20. Who are entrepreneurs?
21. How does an incentive motivate people in a market economy?
22. Identify the source of the following taxes:
a.
Corporate
income taxes
b. Sales
taxes
c. Excise
taxes
d.
Personal
income taxes
e.
Property
taxes
f.
Social security taxes
g. Estate
and gift taxes
h. User
fees
23. Explain the meaning of worldwide interdependence.
24. Create a diagram to explain supply and demand.
25. Use a diagram to explain the circular flow of goods and
services.
26. List factors affecting production and allocation of
goods/services.
27. Briefly explain the following:
a.
mechanization
b.
assembly
line
c.
division
of labor
d.
automation
e.
robotics
28. How do economic risks influence investments or decisions
to produce
29. How do opportunity costs influence investments or decisions
to produce?
30. How do incentives influence investments or decisions to
produce?
31. Identify a regulatory agency. What is its purpose?
32. Briefly explain the following:
a.
Progressive
tax
b.
Regressive
tax
c.
Proportional
tax
33. Identify some of the major taxes.
34. List some economic indicators.
35. How is inflation determined?
36. How is the employment rate and unemployment rate determined?
37. Explain what is meant by the Gross Domestic Product (GPE).
38. How is the per capita income determined?
39. What is the Dow Jones and why is it
important?
40. How does inflation influence unemployment?