ECONOMICS
FINAL REVIEW SHEET
Materials needed:
At least 2 sharpened pencils and 2 pens (blue or black ink)
Exam format:
1) Multiple Choice Questions
2) Written Response Questions
Some of the chapter topics that will be covered on the exam include:
Chapter One
1. Scarcity
2. Economics
3. Need
4. Want
5. Factors of Production
6. Land/Natural Resource
7. Labor/Human Resource
8. Capital Resource
9. Entrepreneurship
10. Production
11. Three Basic Questions
12. Consumer & Capital Goods
13. Consumer & Capital Services
Chapter Two:
27. Economic System
28. Traditional Economy
29. Command Economy
30. Market Economy
Chapter Three:
35. Sole Proprietorship
36. Unlimited liability
37. Limited life
38. Partnership
39. Limited partnership
40. Corporation
41. Charter
42. Dividend
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
31.
32.
33.
34.
43.
44.
45.
46.
47.
48.
49.
50.
Durable goods
Value
Utility
Wealth
The Circular Flow Model
Trade-Off
Opportunity Cost
Production Possibilities Frontier
“Guns & Butter”
Underutilization
Division of labor
Economic Interdependence
Adam Smith
Mixed Economy
Inflation
Capitalism
Competition
Common stock
Bond
Principal
Interest
Double Taxation
Securities & Exchange Commission
Board of Directors
Non-profit organization
Chapter Four:
51. Microeconomics
52. Demand
53. Demand Schedule
54. Demand Curve
Chapter Five:
59. Supply
60. Law of Supply
61. Supply Schedule
Chapter Six:
65. Market Equilibrium
66. Surplus
67. Shortage
68. Substitutes
Chapter Seven:
73. Antitrust legislation
74. Inadequate competition
Chapter Nine:
77. Sales Tax
78. Income Tax
79. Progressive tax
80. Regressive tax
81. Proportional tax
82. Flat tax
83. Tax loophole
Chapter Ten:
91. Federal debt/deficit
92. Medicaid
Chapter Eleven:
95. Barter Economy
96. Federal Reserve System
97. Commercial bank
Chapter Twelve:
101. Financial System
102. Certificate of Deposit
103. Finance Company
104. Nonbank financial institutions
105. Pension
106. Mutual Fund
55.
56.
57.
58.
62.
63.
64.
69.
70.
71.
72.
75.
76.
84.
85.
86.
87.
88.
89.
90.
93.
94.
98.
99.
100.
107.
108.
109.
110.
111.
112.
Law of Demand
Shifts in demand
Substitutes
Complements
Supply Curve
Shifts in Supply
Subsidy
Complements
Price Ceiling
Price Floor
Minimum Wage
Monopoly
Public utilities
Sin tax
IRS
FICA
Medicare
Corporate Income Tax
Property Tax
Payroll Withholding
Federal vs. State spending
Grants
Savings bank
Credit union
Federal Reserve System
Risk
401(k) Plans
Certificate of Deposit
Corporate bond
Municipal bond
Savings bond
113.
114.
115.
116.
117.
118.
Individual Retirement Accounts
Roth IRA
Portfolio
Stockbroker
New York Stock Exchange
Over-The-Counter Market
119.
120.
121.
122.
123.
124.
Chapter Fourteen:
125. Recession
126. Depression
127.
Chapter Eighteen:
129. Capitalism
130. Socialism
131.
Additional Terms and Concepts
133. Economy
134. Gross Domestic Product (GDP)
135. Subsistence agriculture
136. Incentives
137. Subsidized student loan
138. Unsubsidized student loan
139. Revenue
140. Expenditures
141. NASDAQ
142. Initial Public Offering
143. Equities
144. Securities Fraud
145. Liquidate
146. Insider Trading
128.
132.
147.
148.
149.
150.
151.
152.
153.
154.
155.
156.
157.
158.
159.
160.
Dow-Jones Industrial Average
Standard & Poor’s 500
Bull market
Bear Market
Futures Contract
Options Markets
Unemployment
Inflation & real wage increases
Communism
The Welfare State
“Blue Chip” stocks
“Penny” stocks
Price Inflation
Sales commission
Labor union representatives
FAFSA
Current federal minimum wage
Rent stabilization
Government monopoly
Chamber of Commerce
Advertising
Standard of Living
Selling Short
Buying Long