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Final Study Guide Spring 2009, Quarter 3 Unit 1 Voluntary Exchange Command, Traditional, and Market economy (characteristics of each) Factors of production Corporations, partnerships, and sole proprietorships (characteristics of each) Mergers Economic Interdependence Production Possibilities Frontier (PPF) Paradox of value Opportunity cost Consumer goods Capital goods Non-durable goods Division of labor Free enterprise economy Modified private enterprise system Consumers Utility Scarcity Trade-off Unit 2 Demand Supply Law of supply/demand Elasticity Demand elasticity Inelastic demand Elastic demand Unit elastic Substitutes compliments Change in quantity demand/supply Change/shift in demand/supply Subsidy Demand/supply curve Market equilibrium Equilibrium price/quantity Surplus Shortage Marginal utility Increasing marginal utility diminishing marginal utility Substitution effect Income effect Market supply curve Ch. 13, 14, and 15 Study Guide Gross Domestic Product (what is included and what is not) GDP per capita (how is it calculated?) Net National Product Gross National Product Consumer sector Investment sector Government sector Foreign sector Net exports Market basket Current GDP (not adjusted for inflation) Real GDP (is adjusted for inflation) Peaks Troughs Business cycle Expansion Recession Unemployment rate (how do you calculate it? What are its limitations) Structural unemployment Frictional unemployment Cyclical Unemployment Seasonal Unemployment Technological Unemployment Full employment Structure of the Fed Board of governors (who appoints them?) Reserve Requirement What happens to the money supply, inflation, unemployment, GDP if the fed increases/decreases interest rates? What happens to the money supply, inflation, unemployment, GDP if the fed increases/decreases the reserve requirement? What happens to the money supply, inflation, unemployment, GDP if the fed buys/sells bonds or treasuries? What is the long-run impact of increasing the money supply? The great depression (what marks the beginning?) Federal Open Market Committee (what do they do?) Disposable personal income Standard of living Price index Consumer price index Producer price index