Unit+1,+Scarcity+and+Choice



Go to the link below and complete the activity. Once you have finished the simulation, write a brief summary of your choices on the discussion page. Review your peers choices. Compare and contrast your choices with your peers. [|Balancing the Federal Budget Activity]

Unit 1 Study Guide

//Chapter 1 (Sections 1 and 2) // //Chapter 14 (Section 1-3) // //Chapter 15 (Section 1 and 3) // //Notes/activities/discussions //
 * Content **

**Terms/Concepts ** //This list is NOT all inclusive—it is a starting point for your test preparation. //  ü Economics ü Microeconomics ü Macroeconomics ü Scarcity ü Shortage ü Factors of production ü Entrepreneur ü Trade-offs ü Guns or butter decisions ü <span style="font-family: 'Century Schoolbook','serif';">Opportunity cost ü <span style="font-family: 'Century Schoolbook','serif';">Thinking at the margin ü <span style="font-family: 'Century Schoolbook','serif';">Taxation <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">a. Limits on the power to tax <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">b. Types of taxes (Income Tax, FICA, Social Security, Medicare, Medicaid, ect.) <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">c. Structures (Progressive, Proportional, Regressive) ü <span style="font-family: 'Century Schoolbook','serif';">Federal spending <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">a. Mandatory <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">b. Discretionary <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">c. Entitlement programs ü <span style="font-family: 'Century Schoolbook','serif';">Fiscal policy ü <span style="font-family: 'Century Schoolbook','serif';">Federal budget <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">a. Surplus <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">b. Deficit <span style="font-family: 'Century Schoolbook',serif; line-height: 125%; margin-bottom: auto; margin-left: 1in; margin-right: auto; margin-top: auto; text-indent: -0.25in;">c. Balanced budget