Asignatura: ECONOMICS/POLITICS Bimestre: 1 2 3 4 X Curso: 10th

Nombre del Estudiante:

NEW ENGLAND SCHOOL

QUARTER PREP 10th TH GRADE

Economics/Politics 4th QUARTER

This study guide contains all the subjects of Economics/ Politics developed along the year and It represents AN
ASSESSMNET. Any question should be resolved within the designated class hours.

 Elaborate a time line of the Cold War and Its main events.1945-2000.

1945-1990: The world is divided into two blocks: Socialist: led by the Soviet Union and capitalist
led by the United States. There was constant tension with the Cold War.

1945: NATO.

1947: Marshal Plan.

1955: Warsaw Pact and.

1956: American Intervention in Viertnam.

1970-1974: disarmament agreements peaceful-coexistence.

Industrialized.

 1989 Fall of the Berlin Wall.

 1991. the Cold War ends on 31 July 1991 when Bush and Gorbachev signed in
Moscow Start I Treaty reduction of strategic weapons.

 1993. Establishment of the European Union.

 Give the meaning of the following terms:

 Basic Economic Problem, Commercial Banking, Central Banking, Utiliy, scarcity, savings, supply,
demand, monetary policy, Macro/Micro economics, rationing system.

Basic Economic Problem: The basic economic problem is scarcity, which is the idea that
human beings want more things than are available to them. In other words, there are a
limited amount of resources, so people are unable to attain everything they desire. This forces
humans to make choices, the study of which is the core of economics.

Commercial Banking: A commercial bank is a financial institution that provides services, such
as accepting deposits, giving business loans and auto loans, mortgage lending, and
basic investment products likesavings accounts and certificates of deposit.
Central banking is an entity responsible for overseeing the monetary system for a nation (or
group of nations). Central banks have a wide range of responsibilities, from overseeing monetary
policy to implementing specific goals such as currency stability, low inflation and full employment.
Central banks also generally issue currency, function as the bank of the government, regulate
the credit system, oversee commercial banks, manage exchange reserves and act as a lender of
last resort.

Utiliy: is the aggregate sum of satisfaction or benefit that an individual gains from consuming a
given amount of goods or services in an economy.
Scarcity: is the fundamental economic problem of having seemingly unlimited human wants in
a world of limited resources. It states thatsociety has insufficient productive resources to fulfill all
human wants and needs.

Savings : tending or serving to save; rescuing; preserving.

Supply: is a fundamental economic concept that describes the total amount of a specific good
or service that is available to consumers.

Demand: Demand is an economic principle that describes a consumer's desire and willingness
to pay a price for a specific good or service.

Monetary Policy: consists of the actions of a central bank, currency board or other regulatory
committee that determine the size and rate of growth of the money supply, which in turn affects
interest rates. Monetary policy is maintained through actions such as modifying the interest rate,
buying or selling government bonds, and changing the amount of money banks are required to
keep in the vault (bank reserves).

Macro/Micro economics: macroeconomics looks at higher up country and government

decisions.
Microeconomics is generally the study of individuals and business decisions

Rationing system: government policy consisting of the planned and restrictive allocation of
scarce resources and consumer goods, usually practiced during times of war, famine, or some
other national emergency.

 Use previous preparatory assignments and review all vocaburary seen along the year.

NOTE: Quarter exam will include all preparatory assignments done along the year and will be evaluated by the
preparatory assignment QUIZ in class.