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Economics Exam Study Guide
Name: _______________________________
1. Identify and explain the significance of the following terms: Scarcity, Economics,
microeconomics, macroeconomics, scarcity, the five factors of production and any terms
associated with these
2. Prove a connection between these ideas from the textbook and current events taking place
locally, nationally, or globally.
3. What are examples of scarcity in your personal lives, our local community, and on the
national level?
4. Does everyone experience scarcity, explain?
5. What limited resources do you use that might appear to be in abundant supply?
6. How does this apparent abundance affect the way people use their resources?
7. What are the five factors of production?
8. Identify and explain the significance of the following terms: trade-off, opportunity cost,
production possibilities curve, and modeling.
Economics Exam Study Guide
9. Be able to identify and explain the importance of the important questions by an economic
system.
a. What should be produced?
b. How should it be produced?
c. For whom should it be produced?
d. How will it be distributed to the consumer?
10. Be able to identify, give an example of, explain the characteristics of, and explain the
advantages/ disadvantages of each of the Four Types of Economies.
a. Traditional
b. Command
c. Market
d. Mixed
11. Be able to define the following terms and use them in a response; Disposable Income,
Discretionary Income, Opportunity Cost, Rational Choice, Competitive Advertising,
Informative Advertising, Bait and Switch, Comparison Shopping, Rational Choice
12. Be able to identify and explain the rights of the consumer and where you may be able to
go for redress of your concerns.
13. Be able to explain the advantages and disadvantages of using credit.
14. Be able to explain the ways that your credit can be hurt (the 4 factors that are used to
assess credit, pg 100) and the impact of these actions.
Economics Exam Study Guide
15. Be able to identify and explain the 5C’s of Credit.
16. Be able to complete basic mortgage calculations and prove an understanding of the short
and long term impact of credit.
17. Be able to explain the advantages and disadvantages of shopping at the following stores;
department store, Club Warehouse Store, and Convenience Store.
18. What are the three things that we assess in purchasing items; in particular clothing (pages
120 & 121 of text)
19. Be able to identify and explain the advantages and disadvantages of renting or buying a
home.
20. Be able to identify and explain the advantages and disadvantages of buying a new car, a
used car or leasing a car.
21. Be able to identify and explain the advantages and disadvantages of at least five different
methods of saving or investing your capital.
22. Be able to explain the typical correlation between liquidity of funds, risk, and the rate of
return that you may receive and why this is true.
23. Be able to prove a connection between economic events in our past and present and the
reaction of our government to those events to protect your savings and investments.
Economics Exam Study Guide
24. Be able to analyze a give scenario based on the variables in it to identify the correct path
of investment for the person involved.
25. Be able to explain how the Law of Demand, Demand Schedules, and Demand Curves
impacts the economy in the US.
26. Be able to explain how the Law of Supply, Supply Schedules, and Supply Curves impacts
the economy in the US.
27. Be able to identify the Equilibrium Point and what happens when the market is above or
below this point on either curve.
28. Be able to identify, explain, and give a practical example of each of the following terms;
Quantity Demanded, Real Income Effect, Substitution Effect, Utility, Marginal Utility,
the Law of diminishing Returns, Elastic Demands, and Inelastic Demands.
29. Be able to identify and explain the reasons why people would choose to be an
entrepreneur and what stops many others from taking on this role.
30. Be able to identify the different types of businesses and the advantages and disadvantages
of each one.
31. Be able to identify and explain the reasons why people would choose to be a part of a
franchise instead of striking out on their own and what stops many others from taking on
this role.
32. Why are generic (store brand) goods generally cheaper than name brand?