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Economics FinalChapter 1What is economics?What are the three basic questions we must answer because of scarcity?What are the four factors of production?Chapter 2Command Economy – Market Economy –Traditional Economy – Chapter 3What are the three types of business organization? What is the difference between a vertical and horizontal merger? Think of examples.Chapter 4What is demand?Draw a demand supply curve.What does the law of demand state?What is the difference between Change in Quantity Demanded vs. Change in Demand? What does that look like on the graph?What is the difference between elastic and inelastic demand?Chapter 5Supply- What does the Law of Supply state?Know how to calculate the 3 stages of production: increasing returns, diminishing returns, and negative returns.Be able to list some examples of fixed costs and variable costs.Chapter 6What is price?What is equilibrium price?Be able to read a chart to identify surplus and a shortage.What is price ceiling and a price floor?Chapter 7What are the four types of market structures and what would be an example of each?What would be a positive or negative externality and how do they lead to market failures?Chapter 9Sin tax – What are the three types of taxes? What would be an example of each?What are FICA taxes? What are they made up?What is the flat tax and a value-added tax?Stock ProjectMutual fund – Stocks –Bonds – Dow Jones Industrial Average – Diversification – Stock Ticker Symbol - ................
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