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Review Guide for ECON Final 2016 1. What is physical capital/human capital? ______________________________________________ 2. What is the difference between a shortage and scarcity? _____________________________________________________________________________ 3. What is an entrepreneur? ___________________________________________________________ 4. What is a shortage?/surplus _________________________________________________________ 5. What are compliments? _____________________________________________________________ 6. What is a production possibilities curve? _______________________________________________ 7. What does a circular flow model of a market economy show? _______________________________ 8. What is a main principle of Adam Smith’s The Wealth of Nations?____________________________ 9. Which are the government’s three goals for promoting economic strength? __________________________________________________________________________________ 10. negative externality and positive externality__________________________________________________________________________________ 11. Law of Supply______________________________________________________________________ 12. Law of Demand ____________________________________________________________________ 13. Public Goods_______________________________________________________________________ 14. substitution effect__________________________________________________________________ 15. Equilibrium________________________________________________________________________ 16. Price Floor/Price Ceiling______________________________________________________________ 17. Monopoly, Oligopoly, Monopolistic Competition_______________________________________________________________________ _________________________________________________________________________________ 18. Factors of Production_______________________________________________________________________ 19. Macro/Micro Economics_____________________________________________________________ 20. Command, Market, Mixed, Traditional Economies_________________________________________________________________________ __________________________________________________________________________________ 21. voluntary exchange _________________________________________________________________ 22. Social Security (tax)_________________________________________________________________ 23. Medicare/Medicade_________________________________________________________________ 24. Progressive, Proportional, Regressive Tax______________________________________________________________________________ 25. Guns or Butter______________________________________________________________________ 26. Trade-Off, Opportunity Cost___________________________________________________________ 27. Thinking on the margin_______________________________________________________________ 28. Scarcity___________________________________________________________________________ 29. “invisible Hand”____________________________________________________________________ 30. Specialization______________________________________________________________________ 31. In-Kind benefits ____________________________________________________________________ 32. Free Loaders _______________________________________________________________________ 33. Mandatory spending_______________________________________________________________ 34. Discretionary spending ____________________________________________________________ 35. GDP____________________________________________________________________________ 36. Tarriffs__________________________________________________________________________ 37. Factors that affect demand__________________________________________________________ 38. Factors that affect supply_____________________________________________________________ 39. Elastic/inelastic_____________________________________________________________________ PAGE 31 PAGE 40 1. How does scarcity influence all economic decisions? 2. Why and how did the US economy become a “mixed economy”? 3. Other than price, what other factors influence demand? 4. Why is supply attracted by higher prices? 5. Is there an unequal distribution of wealth in the US? Why and can it be changed, Why? 6. What it money? 7. What are the three main market structures and why is it dangerous for monopolies to be formed? 8. Describe the difference between the national debt and government deficits. 9. What factors the government’s taxing and spending decisions? 10. Compare and Contrast progressive, regressive, and proportional taxes. 11. What is the FED? 12. Why can’t people have as much as they want? 13. What is economics? 14. What is the FDIC? 15. What is rent control? 16. What is an example of a price floor? 17. What are pros and cons of raising minimum wage? 18. When did the welfare system begin? 19. What is the difference between a patent and a copyright? 20. What kind of economy is the USA?