Download Economics Final Exam Review

Economics Final Exam Review
Vocabulary to know
Capital good
Durable good
Nondurable good
Externality
Paradox of value
Division of labor
Opportunity cost
Specialization
Consumers
Substitute good
Complimentary good
Equilibrium
Commodity money
Fiat money
Profit incentive
Surplus
Shortage
Concepts to know
What is Economics and why study it?
What are the factors of production? What are some examples?
What is the Production Possibilities Curve and what does it illustrate?
What is economic interdependence?
Describe the different types of economies and what are some examples of each?
What are US economic goals?
Discuss demand and supply. What are their determinants? What is equilibrium and how
is it affected by changes in demand or supply?
What is perfect competition?
Define the types of mergers.
What is the FDIC and what is its purpose?
What are the types of business organizations and their advantages and disadvantages?
Describe the different types of market structures.
What is the census, when is it done and how is it used?
What is the difference between current and real GDP?
Discuss population growth since colonial times.
When was the Great Depression and how was the economy affected?
What is the business cycle and how has it changed over time?
What are the types of unemployment?
What is the unemployment rate, how is it found and who determines it?
Describe the structure of the Federal Reserve System? When was it created?
How does the Fed affect the money supply?
What is GDP and its components?
What is the SEC?
What is the Consumer Price Index and how is it calculated?
When was the baby boom?
How has the center of population changed over time?
What is inflation and what are reasons for it?