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Visit the TeacherWeb® videos to learn about the features, modifications, and customizations available on your website. Click here to learn more. Final Exam Review small medium large ECONOMICS FINAL EXAM REVIEW Study Guide This is a chapter-by-chapter study guide. Each concept listed will relate to one or more questions on the final exam. Be prepared with in depth knowledge about each concept and have this information organization. The exam will not be in this order. Chapter 1 Entrepreneur Producers and Consumers Production Possibility curve Opportunity Cost Natural, capital and human resources Basic economic problem Macroeconomics Microeconomics Chapter 2 Economic systems -Traditional, Command, Free Market and Mixed Economies Adam Smith Chapter 3 Law of Demand Demand graph-price in relationship to quantity demanded Diminishing marginal utility Elastic and inelastic demand Shifting demand curves Chapter 4 Law of supply Supply graph-price in relationship to quantity supplied Elastic and inelastic supply Shifting supply curves Production Costs -fixed and variable costs Chapter 5 How prices are arrived at in a competitive market Market Equilibrium Surpluses and Shortages Positive and negative externalities Chapter 6 Perfect competition Monopolies Oligopolies Anti-trust legislation Chapter 7 Corporations and limited liability Stocks Ownership in a corporation Chapter 10 Gross Domestic Product (GDP) -each part and what each measures (examples) Business cycle Chapter 11 Price indexes CPI Inflation Demand-pull inflation Cost-push Inflation Hyperinflation Black market or underground economy Full employment Types of unemployment -structural, frictional, seasonal, cyclical Underemployed Lorenz Curve Chapter 14 Monetary Policy Chapter 15 Budget Surplus Budget deficit National debt Progressive tax Regressive tax Flat (proportional) tax Fiscal policy Chapter 18 Interdependence Specialization Absolute advantage Comparative advantage Import quotas Embargos Tariffs World Trade Organization (WTO) Essay Information to be given in class Or, would you like to view and optionally restore one of these previous versions? Password: Forgot your password?

Mr. Ostman

Final Exam Review

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