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Economics End of Course Study Guide
Basic Economic Concepts
1. Economics
2. The four factors of production
3. Production possibilities curve
4. Three basic economic questions
5. Traditional, Command and Market Economies
6. Scarcity
7. Voluntary exchange
8. Difference between marginal cost, opportunity cost and trade-offs.
9. Roles of Entrepreneur
10. Pillars of our economic system
11. Adam Smith
12. Karl Marx
Supply & Demand
1. Law of Demand
2. Law of diminishing marginal utility
3. Know the factors that shift the demand curve
4. Market equilibrium
5. Law of Supply
6. Know the factors that shift the supply curve
7. Surplus & shortage
8. Price floor vs. price ceiling
9. Marginal thinking
Microeconomics
1. Advantages and disadvantages of Partnership, Corporation, Sole Proprietorship
2. Externalities
3. Monopoly, Perfect Competition, Oligopoly, Monopolistic Competition
4. Economies of scale
5. Collective bargaining
6. Free rider
7. Public goods, common resources, private goods
8. Diminishing marginal returns
Personal Finance
1. Function of the Better Business Bureau
2. Difference between a bank and a credit union
3. Personal budget
4. The three types of withholding taxes
5. Stocks , bonds and mutual funds
6. FDIC
7. Consumer Reports
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8. Factors that impact personal credit
9. Principal and interest
10. Rate of return
Macroeconomics
1. Sources of federal revenue
2. Progressive, Regressive, Proportional taxes
3. Business cycle
4. Ability-to-pay principle v. benefits-received
5. Inflation and purchasing power
6. GDP per capita
7. Keynesian Economic Theory
8. GDP
9. Expansionary and Contractionary Fiscal Policy
10. Budget deficit vs. national debt
11. Expansionary and Contractionary Monetary policy
12. Functions of the Federal Reserve System
13. Tools of the Federal Reserve System
14. Ways to deal with inflation and/or unemployment
Globalization
1. Comparative advantage vs. absolute advantage
2. Protectionism: tariffs, subsidies, quotas, sanctions, embargoes
3. Foreign policy and international trade
4. NAFTA, EU, IMF, WTO and World Bank
5. Causes of economic growth
6. Positive vs. negative trade balances
7. Foreign currency exchange rate
8. Outsourcing
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