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Handout #
Name _____________________________________
Hour _______
Final Exam Review – 40 pts
Due on Exam Day
Vocabulary: Define the following terms
Unit 1: Personal Finance
Credit
Deduction
Diversification
FDIC
FICO Score
Tax Base
Unit 2: Economics and Choice (Ch.1-3)
Capitalism
Communism
Cost Benefit Analysis
Efficiency
Free Rider
Macroeconomics
Microeconomics
Open Opportunity
Public Goods
Unit 4: Supply and Demand (Ch. 4-6)
Complementary goods
Demand Curve
Disequilibrium
Equilibrium Price
Law of Diminishing Marginal Utility
Price Ceiling
Price Floor
Shortage
Supply
Surplus
Variable Costs
Unit 5: Market Structures (Ch. 7)
Barrier to Entry
Economies of Scale
Merger
Monopolistic Competition
Monopoly
Non-price Competition
Perfect Competition
Predatory Pricing
Unit 6: Business Organizations (Ch. 8)
Bond
Modified Free Enterprise
Franchise
Public Corporation
Unit 7: Measuring Economic
Performance (Ch 12-13)
Aggregate Demand
Depression
Gross Domestic Product (GDP)
Elasticity of Demand
Inflation
Unit 8: Gov’t in Economy &
Int’l Trade (Ch. 10, 15-17)
Budget Deficit
Budget Surplus
Economic Interdependence
Federal Debt Ceiling
European Union (EU)
Protectionist Policies
Trade Barrier
Questions: write all answers in complete sentences
Unit 1: Personal Finance
1. Why would someone make a long term investment? A short term investment?
2. What are the three guidelines for investing?
3. What are the least risky and riskiest investments?
4. What is the difference between credit cards and debit cards?
5. What is a sin tax
6. What is a regressive tax? Give an example
Unit 2: Economics and Choice (Ch.1-3)
7. What are the four factors of production?
8. What does “No such thing as a free lunch” mean?
9. What is the difference between positive and normative economics?
10. What is the invisible hand?
11. Describe elements of a market economy.
12. What is a circular flow model? Identify the sectors, markets and how goods and money
flow.
13. What are the goals of producers?
14. What is an externality? What is the difference between a positive and negative
externality?
Unit 4: Supply and Demand (Ch. 4-6)
15. Draw a supply and demand curve. Label all parts. For what is each used? What do the
points represent?
16. Where is equilibrium on a supply and demand curve?
17. What are factors that influence supply?
18. What are the factors that influence demand?
19. How does lowering prices affect producers and consumers?
20. What happens to price when supply increases? Decreases?
21. What happens to price when demand increases? Decreases?
Unit 5: Market Structures (Ch. 7)
22. Name and describe the different types of monopolies.
23. Why is market allocation illegal?
Unit 6: Business Organizations (Ch. 8)
24. Name and describe the different types of business organizations.
Unit 7: Measuring Economic Performance (Ch. 12-13)
25. What does a change in GDP measure?
26. What is a business cycle? What are the four periods of the business cycle?
27. Name and describe the three different indicators that measure economic performance.
28. What is the underground economy?
29. What are the criteria for something to be included in a particular year’s GDP?
30. What are the types of unemployment?
Unit 8: Gov’t in Economy and Int’l Trade (Ch. 10, 15-17)
31. What is the Federal Reserve System?
32. Explain expansionary and contractionary fiscal policy.
33. In what two ways does the government influence the economy?
34. Why are imports good for consumers?
35. What factors contribute to a deficit?
36. What is the difference between comparative and absolute advantage?
37. What is NAFTA?
38. Why do countries import goods?
39. What is the purpose of the WTO?
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