Economics Final Exam Review
https://docs.google.com/document/d/1XvoqEcVA1NBvXg6bAUN7617NqdCBgA0ltdF3Q52evKg/pub
Part 1. Answer the following questions and provide examples when asked.
Chapter 1
Describe the three Factors of Production?
What are resources used to make all goods and services called?
What does production possibilities graph show and how does an economy expand it production?
Describe Efficient and Inefficient economies.
What is law of increasing costs and give an example?
What is the Guns for Butter tradeoff?
Describe difference between Human Capital and Physical Capital?
Chapter 2
What are the 3 economic questions that every society must answer?
Describe the 5 types of economies and what 5 countries have a command economy?
What are the advantages of a free market?
Who was Adam Smith?
What is the purpose of competition?
Who Was Vladimir Lenin?
Who Was Karl Marx?
Chapter 3
What is a safety net?
Compare and contrast positive and negative externalities?
What is Temporary Assistance for Needy Families (TANF)?
What is a public good and what are its 2 features?
Give 5 examples of public goods?
What is the free enterprise system?
Describe the Government’s role in free enterprise?
What is gross domestic product?
What is the difference between a business cycle and day-to-day market fluctuations?
What is the purpose of Social Security?
Chapter 4
Describe the law of Demand?
What does a shift in the demand curve usually specify?
How do consumers make their desires known to businesses most effectively?
What is a company’s total revenue?
When prices rise, what happens to income?
What is an elastic good and give 5 examples?
What is an inelastic good and give 3 examples?
Chapter 5
Describe the Law of Supply.
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?
What is a Fixed cost and give an example?
What is a Variable cost and give an example?
What is a Total cost and give an example?
What is a Marginal cost and give an example?
What happens to quantity when the selling price of a good goes up?
What factor has the greatest influence on elasticity and inelasticity of supply?
What is the role of technology in lowering the cost of producing an item and give 3 Examples?
What is a government subsidy?
Chapter 6
Describe what happens when you combine supply and demand?
What happens when the supply of a nonperishable good is greater than the consumer wants to buy, explain?
What do governments do the supply of goods in time of war, explain?
What is market equilibrium?
What happens to a market in equilibrium when there is an increase in supply?
What happens to a market in equilibrium when there is an increase in demand?
Chapter 10
What is the Federal Deposit Insurance Corporation (FDIC), and what is its purpose?
What is the purpose for applying for a credit card?
What is the purpose for applying for a mortgage?
Explain 3 reasons for using coins and currency vs. bartering or using gold?
Chapter 11
What are Savings bonds and describe how they function?
What are Treasury bonds and describe how they function?
What are Municipal bonds and describe how they function?
What are Corporate bonds and describe how they function?
What is Blue Chip stock?
What is the Dow Jones Industrial Average and what does it represent?
Give 3 examples of financial intermediaries.
Where are most trades made?
Chapter 17
What is the difference between Absolute advantage and comparative advantage?
What does the law of Comparative advantage state?
What is a trade Barrier?
What is the purpose of a tariff?
What are International Cooperation Agreements?
What is the WTO and what is its purpose?
What is the EU and what is its purpose?
What is NAFTA and what is its purpose?
What does a high population growth rate indicate?
Part 2. Define the following terms and give examples for each one:
capital
|
capital gain
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ceteris paribus
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comparative advantage
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complement
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continuum
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currency
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default
|
demand curve
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development
|
diminishing marginal returns
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elastic
|
elasticity of demand
|
equilibrium
|
equities
|
European Union (EU)
|
excess demand
|
factors of production
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foreign direct investment
|
free enterprise
|
goods
|
growth
|
incentive
|
income effect
|
inferior good
|
infrastructure
|
interest
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investment
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labor
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land
|
law of demand
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law of supply
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liquidity
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macroeconomics
|
marginal cost
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marginal product of labor
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marginal revenue
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market supply curve
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minimum wage
|
NAFTA
|
need
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normal good
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portfolio
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poverty threshold
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price ceiling
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price floor
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principal
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privatization
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production possibilities graph
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prospectus
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protectionism
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public disclosure laws
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public interest
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quantity supplied
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rationing
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regulation
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representative money
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scarcity
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services
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share
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shortage
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socialism
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speculation
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spillover cost
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subsidy
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substitute
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supply shock
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surplus
|
transition
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unit of account
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variable
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welfare
|
World Trade Organization (WTO)
|
yield
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