Economics Final Review Sheet
Economics Final Review Sheet
Be able to understand the following main ideas:
• What is the fundamental Economic Problem? Pg. 5
• What is the difference between a NEED and a WANT? Pg. 5
• Explain the concept of TINSTAAFL.
• Why is the study of economics important?
• What are the 3 basic economic questions that must be answered? Pg. 6
• What are FACTORS OF PRODUCTION? What do they include? Define each. Pg. 7
• What is a GOOD? Pg. 12
• What are the differences between CONSUMER GOODS and CAPITAL GOODS? Pg. 12
• Understand the concepts of VALUE, UTILITY, and WEALTH. Pg. 13
• What is a MARKET? Pg. 14
• What is PRODUCTIVITY? How is it improved? Pg. 15
• Explain the difference between a TRADE OFF and OPPORTUNITY COST. Pg. 19
• What is a COST BENEFIT ANALYSIS? Pg. 23
• What is the STANDARD OF LIVING? Pg. 24
• What is an ECONOMIC SYSTEM and what role does it play in society? Pg. 33
• Understand the 3 different types of economic systems (TRADITONAL, COMMAND, AND MARKET).
• What are some of the economic and social goals of the U.S.? Pg. 41
• What is SOCIAL SECURITY? Pg. 41
• What is CAPITALISM? How does this system work? What are some aspects of a FREE ENTERPRISE SYSTEM? Pg. 46
• Understand the different roles of the Entrepreneur, the Consumer, and the government. Pg. 48-50
• Explain the idea of CONSUMER SOVERIEGNTY. Pg. 49
• Be able to explain the different types of business organizations.
• What are the different types of MERGERS? Pg.68
• What are the different types of non-profit organizations? Pg. 75
• What is MICROECONOMICS? Pg. 89
• Understand all the aspects of SUPPLY and DEMAND (supply/demand schedule, supply/demand curve, law(s) of supply/demand, diminishing marginal utility, factors that affect supply/demand, and elasticity of supply/demand)
• What is a SUBSIDY? Pg. 117
• Understand the THEORY OF PRODUCTION. What are the 3 STAGES OF PRODUCTION? Pg. 122
• What are the different ways which cost is measured? Pg. 127
• Explain the difference between TOTAL REVENUE and MARGINAL REVENUE. Pg. 130
• What is PRICE and what are some of the advantages of a price system? Pg. 137
• What are some of the disadvantages of a RATIONING system? Pg. 139
• Explain what the relationship between a SURPLUS, SHORTAGE, and MARKET EQUILIBRIUM. Pg. 142
• Explain the COMPETITIVE PRICE THEORY. Pg. 148
• Explain the difference between PRICE CEILINGS and PRICE FLOORS. Pg. 151
• Define LAISSE-FAIRE. Pg. 163
• Identify the different types of MARKET STRUCTURES. (PERFECT COMPETITION, MONOPOLISITIC COMPETITION, OLIGOPOLY, and MONOPOLY) Pg. 164-169
• What 4 reasons might economic markets fail? Pg. 173-175
• What is MACROECONOMICS? Pg. 193
• Understand the development of Labor Unions. Pg. 194-196
• How do unions and management resolve differences? Pg. 200-202
• Understand the characteristics of the 4 categories of labor. Pg. 205
• What is a WAGE RATE and how is it determined? Pg. 207
• What are some employment issues that people have to deal with? (Decline of Union influence, two-tier wage system, lower wages based on gender, glass-ceiling, comparable worth, set-aside contracts, working part-time, and minimum wage) Pg. 211-216
• What is the G.D.P.? What makes up the G.D.P.? Pg. 341
• How is the NATIONAL INCOME measured? 344
• What effect does inflation have of G.D.P.? Pg. 350
• What are some major PRICE INDICES? Pg. 352
• Explain the difference between REAL and CURRENT G.D.P. Pg. 353
• Why is it good to express G.D.P. on a per capita basis instead of a total amount? Pg. 356
• What is a CENSUS? What trends does it show? Pg. 356
• What 3 factors do DEMOGRAPHERS look at in terms of population growth? Pg. 358
• What factors contribute to a changing population? Pg. 356-357
• Define STANDARD OF LIVING.
• Describe the business cycle. (highest point, lowest point, etc.) Pg. 376
• What was the GREAT DEPRESSION? Pg. 376
• Explain the different types of unemployment. Pg. 384-386
• What is meant by FULL EMPLOYMENT? Pg.387
• Define INFLATION. Identify the 5 causes of inflation. Pg. 391
• What is the DISTRIBUTION OF INCOME and identify the reasons it is unequal. Pg. 394-400
• What are some anti-poverty programs? Pg. 397-400
Good Luck!!! Study Hard!!!
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