Download Economics Review

Economics Review
Be able to explain and show a complete understanding for each of the following concepts.
Ch. 1
1. Factors of production
2. Micro vs Macro
3. Scarcity
4. trade off
5. opportunity cost
6. Production Possibility Curve
Ch. 2
1. Market Economy
2. Capitalism
3. Laissez Faire
4. Profit Incentive
5. Economic Equity
6. Socialism
Ch. 3
1. Disposable Income
2. Discretionary Income
3. Informative Vs. Competitive Advertising
4. Consumerism
5. Brand Name vs. Generic Brand
Ch. 4
1. Principle and Interest
2. Durable goods
3. Commercial bank vs. Credit Union
4. Finance Charge
5. Secured Vs. Unsecured loan
6. Collateral
7. Credit check vs Credit Rating
8. Usury Law
9. Bankruptcy
10. Finance Company
11. APR
Ch. 5
1. Closing costs
2. Points
3. Liability Insurance
4. Owning vs. Renting
Ch 6
1. Stock
2. Bonds
3. Pension Plan (401k)
4. Mutual Fund
5. Keogh Plan
6. Roth IRA
7. U.S. Savings Bond
Ch. 7
1. Demand
2. Supply
3. Voluntary Exchange
4. Law of Demand
5. Law of diminishing marginal utility
6. Price elasticity
7. Supply and demand curves
8. Equilibrium Price
9. Shortage vs. Surplus
Ch. 8
1. Unlimited Liability
2. Partnership vs. sole proprietorship
3. Joint Venture
4. Corporation
5. Franchise
Ch. 9
1. Perfect Competition
2. Monopoly
3. Oligopoly
4. Monopolistic Competition
5. Cartel
6. Antitrust Legislation
7. Merger
8. Deregulation
9. Conglomerate
Ch. 10
1. Cost benefit analysis
2. Revenues
3. Profit
4. Different types of financing
5. Technology and production
6. Quality vs. inventory control
Ch. 12
1. Blue collar vs. white collar
2. Union
3. Collective bargaining
4. Mediation
5. right to work laws
6. Strike vs. lockout
Ch. 13
1. GDP
2. Inflation
3. Real GDP
4. Consumer Price Index
5. Producer Price Index
6. GDP price Deflator
7. Aggregate supply and demand
8. Business Fluctuations
9. Recession vs. expansion
10. Economic Indicators
11. National Income
Ch. 14
1. Fiat Money
2. Representative Money
3. Commodity Money
4. 3 functions of money
5. M1 vs. M2
6. Barter
Ch. 15
1. Federal Reserve
2. Monetary Policy
3. Loose VS. tight money policy
4. Reserve Requirements
5. Discount vs. prime rate
6. Federal Funds Rate
7. Open market operations
8. Check Clearing process
Ch. 16
1. Budget
2. Progressive vs. proportional taxing
3. Medicaid vs. Medicare
4. Merit vs. Demerit goods
Ch. 17
1. Unemployment rates
2. types of unemployment
3. Demand pull inflation
4. cost-push inflation
5. Stagflation
6. Fiscal policy
7. Monetarism
8. Monetary Rule
9. Leakages vs. injections
Ch. 18
1. Import vs. export
2. tariff
3. Specialization
4. Comparative Advantage
5. Absolute Advantage
6. Free trade
7. embargo
8. NAFTA vs. CAFTA
9. WTO vs. EU
10. Protectionist
Ch. 19
1. Developed vs. Developing Nations
2. 4 types of foreign aid
Ch. 20
1. Global Intergration
2. Multinationals