Economics CP: Final Exam Review
Economics CP: Final Exam Review
Basics
1. Economics
2. Microeconomics versus Macroeconomics
3. Scarcity
4. Opportunity Cost
5. Incentives
6. Goods versus Services
7. Four Factors of Production (list and define)
8. Circular Flow Model (draw and label)
9. Market
10. Three Economic Questions
11. Market versus Command Economies
12. Mixed Economy
13. Standard of Living
Characteristics of High Standard of Living:
Characteristics of Low Standard of Living:
PPF +
1. PPF (what does it stand for?)
2. Graph and label PPF (think links and smiles)
Label- An efficient point (A)
An inefficient point (B)
An unattainable point (C)
3. Absolute Advantage
4. Comparative Advantage
Supply and Demand
1. Law of Demand versus Law of Supply
2. Determinants of demand
3. Determinants of supply
4. Complement versus Substitute
5. Change in Demand versus Change in Quantity Demanded
6. Equilibrium Price versus Equilibrium Quantity (show it graphically)
7. Elastic versus Inelastic Demand
8. Price Floor (graph, define, and effect of)
9. Price Ceiling (graph, define, and effect of)
10. Black Markets
11. Graph S and D. Label equilibrium P and Q
Economic Indicators +
1. GDP (what stand for?, define, formula)
2. Business Cycle (graph and label)
3. Characteristics of a Recession
Characteristics of an Expansion
4. Unemployment
Frictional
Structural
Cyclical
Seasonal
5. Labor Force
6. CPI (stand for?, define)
7. Externalities
Examples of positive:
Examples of negative:
Business and Labor
1. Sole Proprietorship
2. Partnership
3. Corporation
4. Dividends
5. Stockholders
6. Double Taxation
7. Unlimited Liability
8. Labor Union
Market Structures
1. List the Four Market Structures and Major Characteristics of Each
Name # of Firms Product Differentiation? Examples
2. Fixed versus Variable Costs/Resources
3. Law of Diminishing Marginal Returns/Benefits
4. Marginal Analysis
Fiscal Policy
1. Fiscal Policy
2. Supply-Side Economics
3. Demand-side Economics
4. Laissez-Faire Economics
5. Adam Smith
6. Deficit Versus Debt
7. Surplus
8. Balanced Budget
9. Revenue versus Expenditure
10. Progressive Tax
11. Greatest Federal Discretionary Spending
12. Greatest Federal Mandatory Spending
13. Greatest Source of Federal Revenue
14. Greatest State Expenditure
Monetary Policy
1. Monetary Policy
2. Money
3. Inflation
4. Federal Reserve System (basic structure)
5. Fed Chairman
6. Tools of Monetary Policy
a. How should the Fed use its 3 tools during a recession?
b. How should the Fed use its 3 tools during a period of expansion and inflation?
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