Name_____________________Period___
Economics End of Course Study Guide
This is due moments before the EOC. It is NOT extra credit. It is an assignment WORTH 30 Test
Points. Define or describe each term listed.
Basic Economic Concepts
1. Economics
2. The four factors of production (list and define)
3. Production possibilities curve
4. Three basic economic questions
5. Traditional Economy
6. Command Economy
7. Market Economy
8. Scarcity
9. Voluntary exchange
10. Difference between marginal cost, opportunity cost and trade-offs.
11. Roles of Entrepreneur
12. Pillars of our economic system
Created April 2013
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13. Adam Smith
14. Karl Marx
Supply & Demand
1. Law of Demand
2. Law of diminishing marginal utility
3. List the factors that shift the demand curve
4. Market equilibrium
5. Law of Supply
6. List the factors that shift the supply curve
7. Surplus & shortage
8. Price floor
9. Price ceiling
10. Marginal thinking
Created April 2013
2
Microeconomics
1. Advantages and disadvantages of Partnership
2. Advantages and disadvantages of Corporation
3. Advantages and disadvantages of Sole Proprietorship
4. Externalities
5. Monopoly
6. Perfect Competition
7. Oligopoly
8.
Monopolistic Competition
9. Economies of scale
10. Collective bargaining (purpose of)
11. Free rider
12. Public goods
13. Common resources
14. Private goods
15. Diminishing marginal returns
Created April 2013
3
Personal Finance
1. Function of the Better Business Bureau
2. Difference between a bank and a credit unit
3. Personal budget
4. The three types of withholding taxes
5. Stocks
6. Bonds
7. Mutual funds
8. FDIC
9. Consumer Reports
10. Factors that impact personal credit
11. Principal and interest
12. Rate of return
Macroeconomics
1. Sources of federal revenue
2. Progressive taxes
3. Regressive taxes
4. Proportional taxes
5. Business cycle
6. Ability-to-pay principle
7. Benefits-received principle
Created April 2013
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8. Inflation and purchasing power
9. GDP per capita
10. Keynesian Economic Theory
11. Gross Domestic Product
12. Expansionary Fiscal Policy
13. Contractionary Fiscal Policy
14. Budget deficit
15. National debt
16. Expansionary Monetary policy
17. Contractionary Monetary policy
18. Functions of the Federal Reserve System
19. Tools of the Federal Reserve System
20. Ways to deal with inflation and/or unemployment
Created April 2013
5
Globalization
1. Comparative advantage
2. Absolute advantage
3. Protectionism:
a. tariffs
b. subsidies
c. quotas
4. Foreign policy and international trade
a. sanctions
b. embargoes
5. North American Free Trade Agreement
6. European Union
7. International Monetary Fund
8. World Trade Organization
9. World Bank
10. Causes of economic growth
11. Positive trade balance
12. Negative trade balance
13. Foreign currency exchange rate
14. Outsourcing
Created April 2013
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