CFS 2065 Midterm: CFS 2065 Exam 2 Review
25 Oct 2017
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Be able to define, compare and contrast a need, want, value and resource. Review the theory of relative resources (blood and wolfe). Compare and contrast resource allocation problems" and common problem solving. ". Understand the resource characteristics of transferability, manageability, accessibility and interchangeability. Review the following concepts/definitions: consumption, economics, supply and demand and buyers and sellers. Know the definitions of and the differences among surplus, substitute, shortage, and fluctuation. Know the following types of unemployment: cyclical, typical, frictional, structural, voluntary and involuntary. Be able to define and give examples of durable and non-durable goods. Know the taxes that workers are required to pay through payroll deductions. Be able to define and give examples of public benefits. ". Know which entities are able to impose sales taxes on consumers. Know the purposes of social security taxes and how they are used. Know the source(s) of and approximate percentages provided by each source for public schools.
