Honors Economics Final Exam Review
1. Macro vs. Micro Economics
2. Needs and wants
3. The difference between capital and consumer goods
4. Entrepreneur
5. What is the basic problem of economics?
6. Opportunity cost
7. What does the PPF illustrate?
8. Means of exchange: barter, credit
9. What is utility?
10. 3 basic economic systems (plus mixed)
11. Democratic socialism
12. Economic efficiency
13. Goals of US economy
14. Standard of living
15. Substitution effect
16. Changes/shifts in demand & supply curves
17. Elasticity of demand
18. Elasticity of supply
19. Price floors and ceilings
20. Rationing systems
21. Black market
22. Perfect competition, oligopoly, monopolistic competition, monopolies
23. Non price competition
24. Types of business ownerships (with advantages and disadvantages)
25. Limited and unlimited liability
26. Collateral
27. Common stock, preferred stock, bonds
28. Derived demand and wages for labor
29. Trend of the number of women in the workforce
30. Labor unions
31. Reasons to save money
32. Bank account types and liquidity
33. CD’s
34. Reasons to invest
35. OTC stock market
36. Counting GDP and its sectors
37. Adjusting GDP for price changes
38. Price index
39. Phases of the business cycle
40. Indicators: leading, lagging, coincidental
41. Reasons unemployment is bad
42. Unemployment and unemployment rate
43. Underemployment
44. Types of unemployment
45. Types and causes of inflation
46. Largest employer in the US
47. Reasons the US government has grown over the years
48. Government spending
49. Transfer payments
50. Government regulations
51. Functions of money
52. Types of monies
53. Federal Reserve act of 1913
54. Main decision-making bodies of the Fed?
55. Fed’s services to banks
56. Fed’s services to the government
57. Tight and easy money policy
58. Types of taxes
59. Budget deficits and the US Debt