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Economics Review Sheet Supply Demand Wants Needs Elasticity of Demand Elasticity of Supply Inelastic Demand Inelastic Supply Unit Elasticity Sole proprietorship Partnership Corporations Franchises Opportunity cost Traditional Economy Command Economic System Mixed Economic System Market Economic System Tight money policy Easy money policy Price Ceiling Price Floor Factors of Production Land Labor Capital Entrepreneurship Market Bonds Stocks Investing Equilibrium Price and Quantity Positive and Negative Externalities Entitlement Monopoly Oligopoly Perfect Competition Monopolistic Competition Fringe benefit Keynesian economics Supply Side Economics Collective bargaining Normal Goods Inferior Goods Mortgage Market Basket Seasonal unemployment Cyclical unemployment Structural unemployment Adam Smith Revenue Profit Profit Motive Cost TANF Vertical and Horizontal Mergers Depreciation Durable and non-durable goods NAFTA The Euro Trade Barriers Less Developed Countries Diversification as an investment policy Federal Deposit Insurance Corporation (FDIC) Guns and butter Four phases of the business cycle Trading partners with the United States The world’s largest exporter of services An example of a barter system Positive and negative externality Future price and current demand Currency depreciation Specialization Schedule and graph demand Multinational corporations Final goods and services Intermediate goods and services Calculation of GDP
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