Economics
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?
Name_________________________________
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
Name_________________________________
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..
Name_________________________________
Economics Final Exam Study Guide
Why do price and demand have an inverse
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?
Name_________________________________
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
Name_________________________________
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..
Name_________________________________
Economics Final Exam Study Guide
Why do price and demand have an inverse