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 relationship?

How do points on a demand curve reflect a change in the quantity demanded?

What 6 factors can cause a change in demand?

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

Why do price and supply have a direct relationship?

Why do consumers and producers have a different attitude toward price?

What causes a change in supply?

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Economics Final Exam Study Guide

How is elasticity related to the law of supply?

Why is it difficult for markets to maintain equilibrium?

Are there some goods and/or services that should be publicly owed?

Nationalization Definition

Privatization

Advantages

Disadvantages

Economic System that uses these What is the American free enterprise system?

What steps can government take to support free enterprise?

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Economics Final Exam Study Guide

What legal rights are built into the American free enterprise system?

Draw a circular flow model.

What is the role of government in the economy of the circular flow model?

Negative Externality Definition

Positive Externality

Example

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Economics Final Exam Study Guide

Input Costs definition

examples

Why are economic transactions less expensive with money than with barter?

Representative Money Definition

Fiat Money

Differences

Why is U.S. currency not backed by gold or silver?

Why was there a need to create a national bank?

In what ways are credit unions different from other financial institutions?

How does the Federal Reserve System serve as a central bank?

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Economics Final Exam Study Guide

Neutral Describe the characteristics of the price system

Market Driven

Flexible

Efficient

Why is the price system an efficient way to allocate resources?

Concepts Inflation

How does it relate to rapid change in...
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