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Economics Exam Review Sheet Unit I – Chapter 1 - 3 Opportunity Cost/choices/trade offs Scarcity and its causes Factors of production (4 factors) Entrepreneur – role and function Goods and services Factor payments Circular flow Economic systems: types (centrally planned, traditional and market) and advantages/disadvantages of each system self-interest and incentives invisible hand and Adam Smith (Wealth of Nations) and laissez faire private property rights/voluntary exchange/competition government role in positive and negative externalities public goods Unit II – Chapters 4-7 Demand/law of demand/demand schedule/demand curve Supply/law of supply/supply schedule/supply curve Change in demand versus change in quantity demand Change in supply versus change in quantity supplied Causes shifting demand Causes shifting supply Elastic demand and supply Inelastic demand and supply complementary and substitute products Fixed and variable costs in production Market equilibrium price and quantity Shortages (excess demand) and surpluses (excess supply) Price ceilings and floors (minimum wage and rent control) Government subsidies Types of market structures (perfect competition, monopoly, monopolistic competition and oligopoly) and number of companies involved, barriers to entry into the industry, and role in determining prices Unit III – Business and Labor Chapters Chapter 8-9 business organizations: (sole proprietorship, partnership – two types and corporationsunlimited liability/limited liability stock / stock split horizontal and vertical mergers conglomerate unemployment and the labor force educations and the learning and screening effects contingent employment fringe benefits types of skill levels (4) Equal Pay Act 1963 Civil Rights Act 1964 Right to Work Law Labor Unions, collective bargaining, strike, mediation and arbitration Open opportunity OSHA, FDA, EPA, EEOC Sherman Antitrust law Unit IV – Money/Banking Chapter 10-11 Three uses of money Currency Types of money including commodity money, fiat money, and representative money Investment and savings vehicles including but not limited to mutual funds, CD, stocks (equities), Roth IRA, bonds, savings bond Components of bonds: principal, coupon, maturity credit card vs. debit cards FDIC budgeting including income/expenses and fixed v. flexible expenses interest Different types of stocks: income stock, growth stock, blue chip stock and differences between preferred and common stock SEC creditor stockbroker New York Stock Exchange and other exchanges Dow Jones, Standard and Poor bull/bear market Unit V – Measuring Economic Growth Chapters 12-14 GDP and theory of national accounting: expenditure approach vs. income approach cost push theory demand pull theory Productivity Bureau of Labor Statistics Four types of unemployment unemployment rate Inflation and recession: causes and rates four business cycles contraction and expansion Taxes : progressive, proportional, regressive taxes, the IRS, 7.65 solution, social security / FICA gift, property, estate, excise, medicaid, medicare Unit VI – Fiscal/Monetary Policy Chapters 15-16 Functions and structure of the FED BOG quantity theory Great Depression contractionary and expansionary policy Federal Reserve Act 1913 and the FED Great Depression 1929 First Bank of U.S. Federal notes Fiscal vs. monetary policy