The Exam is Cumulative!
You should be able to identify and discuss all aspects of the following topics in some detail :
1. scarcity 2.unlimited wants and needs
3. consumers/producers role in the market place 4. market economy 5. micro and macro economics 6.public goods vs. private goods 7.different types of economies 8. inelastic/elastic/unitary 9. supply/demand(and everything that goes along with these topics) 10. equilibrium 11. price ceiling/price floor 12. factors of production 13. economics
14. economic incentive 15. Karl Marx 16.efficiency 17. total revenue 18. perfect competition 19. monopoly, oligopoly, monopolistic competition 20. characteristics of business organizations 21. types of businesses
(proprietorship, partnership, corporation) 22. capitalist economy 23. risk (types of risk ) 24. stock 25. dividends
26. Private sector vs. public sector 27. Credit/loans
Be able to fully explain the following: a. the 4 types of economic societies that exists in today’s world. b.
the basic economic problem and what is the solution c.
the three economic questions and how are they answered in a market economy and command economy d.
the effect of competition on consumers/ producers e.
the four determinants of demand
f. the difference between a private corporation and public corporation
g. the difference between a subsidized and an unsubsidized loan h. the three types of risk