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Economics

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Name_________________________________ Key Vocabulary Terms NeedsWantsScarcityEconomicsEntrepreneurTrade-offSpecializationGoodsServicesConsumerProducerLaborCapitalUtilityMarginal UtilityOpportunity CostEconomic SystemMarketProfitDemandSupplyElastic-

Economics Final Exam Study Guide

Name_________________________________ InelasticPartnershipCorporationSole ProprietorshipMonopolyOligopolySurplusShortageIncentiveWagner Act of 1935Collective BargainingBoycottAntitrustGross National Product (GNP)EquilibriumFree Enterprise SystemEntitlementsFiscal policyMonetary PolicyConsumer Price IndexEquilibrium PriceComplementsEffective Demand-

Economics Final Exam Study Guide

Name_________________________________ NecessitiesLuxuriesTotal CostsCompetitive IndustryProductivityLiquiditySupply/Demand CurveTariffsRecessionEntitlementsTaxes-

Economics Final Exam Study Guide

Four Economic Goals of the United States

Three Basic Economic Questions

What is the difference between self-interest and selfishness?

Why are all choices economic choices?

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Economics Final Exam Study Guide

Scarce Resources

How does scarcity affect Consumers? Producers? Governments?

What is the difference between a trade-off and an opportunity cost?

Factors of Production

What is the difference between land and capital?

What is the difference between Microeconomics and Macroeconomics

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Economics Final Exam Study Guide

Draw a production possibilities curve and label all parts.

In what ways might the production possibilities curve be unrealistic?

How does the PPC relate to society?

What might cause the PPC to shift?

What does a point inside the PPC represent? On the PPC?

Draw a demand curve and label the equilibrium price, surplus and shortage..

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Economics Final Exam Study Guide

Why do price and demand have an inverse...