ESSENTIAL LEARNINGS – ECONOMICS
Final Assessment Review Guide
Economics
The final assessment in Economics will be given in one sitting, and contain two parts. First there will be a multiple choice component; and secondly, there will be a written graphing component related to chapters #7 and #13. Refer to bolded items in those respective chapters for more information.
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• This review guide is intended to guide you in reviewing the concepts covered in economics.
• You should review notes, guided readings, and any other assignments given.
• Re-read your text where needed.
• Concepts not covered due to time constraints will not be covered on the exam.
• Organize, Prioritize, Study!
INTRODUCTION & ECONOMIC SYSTEMS
Chapter #1
• Definition Economics, Microeconomics/Macroeconomics
• Scarcity
• Opportunity Costs
• Four Factors Production
• Production Possibilities Curve
Chapter #2
• Define Economic System
• Three Fundamental Questions
• Characteristics Market Economy
• Command Economic Systems (socialism/communism)
• Mixed Economies (defined)
• Circular Flow Model
MICROECONOMICS
Chapter #7
• Demand, Supply
• Law of Demand, Law of Supply
• Demand Curves & Supply Curves (be able to represent & interpret graphically)
• Determinants of Demand/Supply
• Equilibrium/Changes In Equilibrium (be able to represent & interpret graphically)
• Changes In Demand vs. Changes In Quantity Demanded (be able to represent & interpret graphically)
• Changes In Supply vs. Changes In Quantity Supplied (be able to represent & interpret graphically)
• Elasticity/Determinants of Elasticity
• Shortages/Surpluses (be able to represent & interpret graphically)
• Price Floors/Ceiling (be able to represent & interpret graphically)
• Law of Diminishing Marginal Utility
• Law of Diminishing Marginal Returns
Chapter #8
• Entrepreneur
• Factors: Starting Business
• Sole Proprietorship
• Partnership
• Corporation Defined, Stock/Bonds, Board Directors, Pros/Cons Incorporation
• Franchises
Chapter #9
• Market Structure Defined
• Monopoly (characteristics)
• Mergers: Horizontal, Vertical, Conglomerates
• Types of Monopolies
• Economies of Scale
• Government Regulation: Antitrust Regulation (legislation/agencies/goals regulation)
Chapter #10
• Productivity/Efficiency
• Technology & Production: Automation, Mechanization, Robotics, Assembly Line, Division of Labor
Chapter #12
• Civilian Labor Force (fig 12.1)
MACROECONOMICS
Chapter #13
• National Income Accounting
• GDP/Real GDP (equivalence of output & national income)
• C + I +G + X
• Inflation/Deflation
• Price Indexes (CPI/GDP)
• Aggregate Supply/Demand (be able to represent & interpret graphically)
• Equilibrium GDP (be able to represent & interpret graphically)
• Business Cycle Model/Causes
• Economic Indicators (leading, coincident, lagging)
Chapter #14
• Functions of Money (3)
• Characteristics of Money (6)
• Types of Money (3)
• M1 & M2 Definition
• Near Moneys
• Assets/Liquidity/Velocity
Chapter #15
• The Federal Reserve, Functions
• Fractional Reserve Banking
• Monetary Policy (loose/tight)
• Tools of Monetary Policy (discount rate/reserve requirement/open market operations
Chapter #16
• Public versus Private Goods
• Social Insurance Programs (social security/Medicare)
• Public Assistance Programs (welfare/Medicaid)
• Externalities (positive/negative)
• Government Regulation (16.2)
• Pros/Cons Government Involvement
• National Debt Defined
• Budget Deficit/Surplus/Balance
• Taxation Principles (ability to pay/benefits received)
• Types of Taxes (progressive/regressive/proportional)
Chapter #17
• Unemployment Defined/Types (fig 12.1)
• Full Employment
• Types Inflation (cost push/demand pull/stagflation)
• Fiscal Policy: Tools/Examples
• Circular Flow – Leakages/Injections
INTERNATIONAL TRADE
Chapter #18
• Comparative Advantage
• Absolute Advantage
• Exchange Rates – Supply & Demand Currencies (floating rates)
• Depreciation/Appreciation Currencies/Devaluation
• Balance of Trade
• Trade Restrictions (tariffs/quotas/embargoes)
• Free Trade Argument (pros/cons)
• Trade Agreements/Examples
Chapter #19
• Developed/Developing Nations (characteristics
• Process of Development ($: investment/aid)
• Obstacles To Development
• China – Case Study
Chapter #20
• Globalization (defined)
• Multinationals
• Pros/cons of Globalization
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