Economics Final Exam Study Guide - Mr Parker
Economics Final Exam Study Guide
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Vocabulary to Know (you may use this as a word bank for the test):
Microeconomics
Macroeconomics
labor
land
capital
supply
demand
equilibrium
Scarcity
Cost
Benefit
Capitalism
Market
Market economy
Free Enterprise system
Command economy
Socialism
Entrepreneur
Negative externality
Shirking
Opportunity costs
Subsidy
Quota
Shortage
Surplus
Sole proprietorship
Partnership
Corporation
Bond
Stock
monopolistic
ologopolistic
perfectly compteitive
Money
Barter
Gross Domestic Product
Inflation
Recession
Expansion
Deficit
Debt
Introduction to Economics:
Specify the difference between macroeconomics and microeconomics.
Identify the basic economic questions that all societies must answer.
Why do people need to make choices?
Identify the functions of Money.
Identify the types.
Describe how the three basic economic questions are answered in traditional, command, and market economies.
What must a consumer do in order to make an economic decision?
Describe the concept of opportunity costs of making decisions.
Supply and Demand
Explain what the law of demand states?
What factors can shift demand for a product?
What does it mean if a demand curve shifts to the left or to the right?
Explain what the law of supply states?
What factors can shift a supply curve? Identify if those factors will shift the curve left or right.
Identify the determinants of supply.
Explain how shifts in demand and supply affect market equilibrium.
Identify where a surplus and shortage exists on a graph.
Market Structure and Business Organizations
How are profit and loss calculated?
How do consumers benefit from competitive markets?
What are the conditions of perfect competition, oligopolistic markets, and monopolistic markets?
Describe the advantages and disadvantages of sole proprietorships, partnerships, and corporations.
Elements of Macroeconomics
What are the differences between a free enterprise system (capitalism/market economy) and a command economy (socialism)?
What GDP and real GDP?
What is the business cycle?
What are recession and inflation and when do they occur in the business cycle?
The Federal Reserve, Fiscal and Monetary Policy, and Taxes
Know the goals of contractionary and expantionary fiscal and monetary policies, when they would be used, and how are they achieved.
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