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Economics Final Review Vocabulary to Know: Opportunity Cost Want Capitalism Economic Goals Capital Fascism Competition Entrepreneurs Socialism Underutilization Demand Inferior Good Supply Law of Supply Fixed Cost Subsidy Disequilibrium Minimum Wage Rationing Commodity Monopoly Patent Differentiation Price War Cartel Merger Horizontal Mergers Multinational Corporations Labor Force Skilled labor Glass Ceiling Yellow Dog Contracts Mediation Currency Fiat Money Investment Certificates of Deposit Inflation Income Distribution Nominal GDP Economic Growth Safety Net Factors of Production Scarcity Standard of Living Need Shortage Guns - n – Butter Goods Authoritarian Public Goods Law of Demand Complement Elasticity of Demand Elasticity of Supply Variable Cost Excise Tax Price Ceiling Surplus Black Market Barrier to Entry Economies of Scale Price Discrimination Nonprice Competition Collusion Antitrust Laws Deregulation Vertical Mergers Cooperative Organizations Unskilled labor Professional labor Industrial Revolution Injunctions Arbitration Commodity Money Commercial Banks Financial Intermediaries Unemployment Hyperinflation Income Inequality Real GDP Recession Oligarchy Communism Land Laissez Faire Traditional Economy Cost Regulation Services Employment Profit Motive Normal Good Substitutes Elastic Total Revenue Income Operating Cost Equilibrium Price Floor Supply Shock Perfect Competition Start-up Costs Natural Monopoly Monopolistic Competition Oligopoly Price Fixing Trust Stock Conglomerates Non-profit Organizations Semi-skilled labor Wage Discrimination Strikes Scabs Money Representative Money Electronic Banking Bond Ratings Underemployment Poverty Threshold GDP Business Cycles Depression Concepts: thoroughly understand these concepts. Create a Supply and/or Demand Schedule and Graph Be able to identify or label on a Supply and Demand Graph: o Equilibrium/Disequilibrium o Shortages o Surpluses Be able to describe what happens when there is a shortage or surpluse of a product. Work out the Elasticity of Demand and be able to describe what that means for a products supply and demand. Identify Different Examples of Perfect Competition, Monopolies, Monopolistic Competition, and Oligopolies. Know the recent economic trends and changing labor force of this country Know why labor unions have declined in recent years Know the different purposes of money: unit of exchange, unit of account, and store of value. Know the six characteristics of money. Know the flow of money in a financial system The affects of unemployment, inflation, and poverty on society as a whole. The parts of a business cycle (peak, trough, economic growth, recession, etc)
