Michigan Economics (Content Expectations) Practice

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E 1 - The Market Economy25%
E 2 - The National Economy25%
E 3 - International Economy25%
E 4 - Personal Finance25%
  • Questions: 1,088
  • Technology Enhanced Items: 65
  • Instructional Videos: 64
  • Vocabulary Terms: 229

Test Standards

E 1 - The Market Economy
1. (1.1.1)  Scarcity, Choice Opportunity Costs, & Comparative Advantage
2. (1.1.2)  Entrepreneurship
3. (1.2.1)  Business Structures
4. (1.2.2)  Price In The Market
5. (1.2.3)  Investment, Productivity And Growth
6. (1.3.1)  Law Of Supply
7. (1.3.2)  Law Of Demand
8. (1.3.3)  Price, Equilibrium, Elasticity, & Incentives
9. (1.4.1)  Public Policy & The Market
10. (1.4.2)  Government & Consumers
11. (1.4.3)  Government Revenue And Services
12. (1.4.4)  Functions Of Government
13. (1.4.5)  Economic Incentives And Government
E 2 - The National Economy
1. (2.1.1)  Income
2. (2.1.2)  Circular Flow And The National Economy
3. (2.1.3)  Financial Institutions And Money Supply
4. (2.1.4)  Money Supply, Inflation, And Recession
5. (2.1.5)  Gross Domestic Product (GDP) And Economic Growth
6. (2.1.6)  Unemployment
7. (2.1.7)  Economic Indicators
8. (2.1.8)  Relationship Between Expenditures And Revenue (Circular Flow)
9. (2.1.9)  American Economy In The World
10. (2.2.1)  Federal Government And Macroeconomic Goals
11. (2.2.2)  Macroeconomic Policy Alternatives
12. (2.2.3)  Fiscal Policy And Its Consequences
13. (2.2.4)  Federal Reserve And Monetary Policy
14. (2.2.5)  Government Revenue And Services
E 3 - International Economy
1. (3.1.1)  Major Economic Systems
2. (3.1.2)  Developing Nations
3. (3.1.3)  International Organizations And The World Economy
4. (3.1.4)  GDP And Standard Of Living
5. (3.1.5)  Comparing Economic Systems
6. (3.1.6)  Impact Of Transitional Economies
7. (3.2.1)  Absolute And Comparative Advantage
8. (3.2.2)  Domestic Activity And World Trade
9. (3.2.3)  Exchange Rates And The World Trade
10. (3.2.4)  Monetary Policy And International Trade
11. (3.2.5)  The Global Economy And The Marketplace
E 4 - Personal Finance
1. (4.1.1)  Scarcity And Opportunity Costs
2. (4.1.2)  Marginal Benefit And Cost
3. (4.1.3)  Personal Finance Strategy
4. (4.1.4)  Key Components Of Personal Finance
5. (4.1.5)  Personal Decisions
6. (4.1.6)  Risk Management Plan