Review for Economics Final Benchmark Chapter 1 Chapter 4 Economics Causes for shift in supply curve Intangible Law of supply Microeconomics/macroeconomics Supply curve Monetary payments to land, labor, capital, entrepreneurs Chapter 5 Opportunity cost Equilibrium Scarcity Chapter 2 Surplus/shortage Chapter 6 Capitalism/socialism CEO Circular flow of US economy Board of Directors Competition Cooperative excludable/non‐excludable public goods Corporate income tax Profit Revenue Total revenue Costs Chapter 3 Causes for shift in demand curve profit Chapter 7 Demand curve Copyright Diminishing marginal utility Elasticity of demand causes Law of demand Complementary goods Substitute goods Responsibilities of the buyer Patent Chapter 8 Equilibrium wage rate Nonmoney benefits Minimum wage/ effects of raise in min. wage Real wage effects of recession on tax revenue Chapter 9 stages of a business cycle Regulatory agencies Chapter 15 Anti‐trust laws Expansionary fiscal policy Chapter 10 Expansionary monetary policy Currency Contractionary fiscal policy Barter economy Contractionary monetary policy Money supply stagflation Chapter 11 Central bank of the United States Chapter 16 Open market operations Budget deficit/surplus Functions of the Federal Reserve Progressive tax Proportional tax Regressive tax Tools to increase/decrease money supply Chapter 12 crowding in/out Chapter 19 GDP/GNP Consumer Price Index What is included/not included in GDP Chapter 13 Unemployment rate Inflation Who is most hurt by inflation? Chapter 14 recession effects of recession on unemployment effects of recession on income Adam Smith on self interest Chapter 22 Wall Street stocks Chapter 23 Copyright patent