Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Economics
Document related concepts
Transcript
Economics Mr. O’Reilly FINAL REVIEW SHEETS When studying for your final exam you should utilize the following resources. 1) Previous Exams and Quizzes 2) Class Handouts and Worksheets 3) Class Notes 4) Your Textbook We covered the following chapters this semester: Chapters 1-10 and 14-17. Chapter 3 (continued) black market Chapter 1--Economics: The Basic Questions capital resources ceiling price consumer equilibrium price economics market price entrepreneur price floor factors of production pure competition human resources natural resources Chapter 4—The Business of Business partnership nonrenewable resources sole proprietorship renewable resources charter scarcity corporation command economy dividend market economy limited liability opportunity cost stock traditional economy stockholder laissez-faire macroeconomics microeconomics Chapter 5--Business Finance stock market bear market Chapter 2--The United States Economic bull market System capitalism buying long competition buying on margin consumer sovereignty insider trading eminent domain investment bank free enterprise junk bond private property mature profit price-earnings ratio profit motive selling short circular flow gross domestic product(GDP) Chapter 6-- Production and Productivity labor productivity Law of Diminishing Returns Chapter 3--Supply and Demand demand point of diminishing returns demand curve point of negative returns elasticity of demand division of labor Law of Demand economies of scale marginal utility fixed costs elasticity of supply marginal analysis Law of Supply marginal costs supply supply curve Chapter 6 (continued) marginal revenue profit maximization variable costs credit history home-mortgage loan installment plan Chapter 8--Trends in the Labor Force Social Security System Chapter 15--Money in our Economy barter currency commodity inflation Consumer Price Index cost-push inflation deflation demand-pull inflation inflation Chapter 9--Labor Unions in our Economy closed shop collective bargaining right-to-work law arbitration boycott lockout mediation open shop picketing seniority slowdown strikebreaker union label Chapter 10—Personal Financial Planning Economy capital gain after-tax income certificate of deposit 401(k) plan individual retirement account (IRA) propensity to consume propensity to save charge account credit card Chapter 16--Banks and Banking commercial bank credit union mutual savings bank savings and loan association cash in vault reserve ratio Chapter 17--The Federal Reserve System Clear a check elastic currency electronic funds transfer Federal Reserve System (Fed) Open Market Committee run on a bank deposit multiplier discount rate monetary policy reserve ratio II. Possible Open Ended Questions Chapter 1 Explain the meaning of the concept or term “economic system” and then differentiate between “market” and “command” economic system. Argue the advantages and disadvantages of a command economy versus a market economy. Which system is the superior system for a particular country or society. Chapter 2 & 3 Based on the “circular flow of economic activity model” identify the three key conclusions we can draw from the United States economic system. Chapter 4 & 5 Describe the relationship between the shareholders, the Board of Directors and the Company Officers. Use a chart if you would like. Know the advantages and disadvantages of sole proprietorships, partnerships and corporations. Chapter 6 Know how to conduct marginal analysis when given production data. Be able to identify the point of diminishing returns, point of profit maximization, and point of negative returns. Know three ways to improve productivity Chapter 8 & 9 Explain how current trends in the labor force will cause a catastrophic situation for the US federal government’s budget if no changes are made to the Social Security System. List and describe two possible policy changes to Social Security. Describe the pros and cons of these two changes. Chapter 10 What affects a consumer’s decision to spend or save Chapter 15, 16, 17 Why do governments fear inflation? What determines the value and stability of a particular currency? Explain the cause of the Thrift/Savings & Loan crisis in the 1980’s. What three tools can the Fed use to control the nation’s money supply?
