Economics Final Study Guide
Chapter 1(be able to summarize, explain and describe the things below)
Key Terms
1. Economics
2. Insatiability
3. Scarcity
4. Good
5. Services
6. Economic goods
7. Nuisance goods
8. Recycling
9. Free goods
10. Free services
11. Diamond-Water
paradox
12. Intrinsic value
13. Subjective value
14. Utility
15. Opportunity
benefit
16. Opportunity cost
17. Util
18. Microeconomics
19. Macrocosmic
20. Positive economics
21. Normative
economics.
Chapter 2 (be able to summarize, explain and describe the things below)
Key Terms
1. Tabular model
2. Schedule
3. Line graph
4. PPC
5. Circular flow model
6. Consumption
expenditures
7. Factors of
production
8. Land
9. Labor
10. Capital
11. Entrepreneurship
12. Factor costs
13. Rent
14. Wages
15. Interest
16. Profit
17. Transfer payments
18. Budget deficit
19. Budget Surplus
20. Financial market
21. Dissaving
22. Crowding out.
**For the models be sure you can read them and possibly fill them out.
Chapter 3 (be able to summarize, explain and describe the things below)
Key Terms
1. Principle of
diminishing marginal
utility
2. Marginal Utility
schedule
3. Marginal utility
curve
4. Demand
5. Law of demand
6. Demand schedule
7. Demand curve
8. Change in quantity
demanded
9. Change in demand
10. Increase in demand
11. Decrease in
demand
12. Normal goods
13. Inferior goods
14. Substitute goods
15. Complementary
goods
Economics Final Study Guide
Chapter 4 (be able to summarize, explain and describe the things below)
Key Terms
1. Supply
2. Law of Supply
3. Supply schedule
4. Supply curve
5. Change in Quantity
supplied
6. Change in Supply
7. Decrease in supply
8. Increase in supply
9. Market equilibrium
point
10. Market equilibrium
price
11. Surplus
12. Price floor
13. Shortage
14. Price ceiling
** Be able to graph a supply and demand chart.
Chapter 5 (be able to summarize, explain and describe the things below)
Key Terms
1. Economic growth
2. Extensive growth
3. Intensive growth
4. Consumer goods
5. Capital goods
6. Consumer
goods/capital goods
tradeoff
7. Egalitarian fairness
8. Economic leveling
9. Libertarian fairness
10. Economic
Darwinism
* What are the three economic questions? (be able to use them and explain them.)
* Compare and contrast Command Economy, Market Economy, Traditional Economy
(not in chapter 5 but we did have a group do that economy during our movie
project.).
Chapter 7 (be able to summarize, explain and describe the things below)
Key Terms
1. Sole Proprietorship
2. Creditor
3. Partnership
4. General Partnership
5. Limited Partnership
6. Limited Partner
7. Surety
8. Cosigning
9. Corporation
10. Private
Corporation
11. Public Corporation
12. Stock
13. Limited Liability
company (LLC)
Chapter 9 (be able to summarize, explain and describe the things below)
Key Terms
1. Market
2. Industry
3. Differentiated
products
4. Undifferentiated
Products
Economics Final Study Guide
5. Barrier to entry
6. Natural barriers to
entry
7. Artificial barriers to
entry
8. Perfect Competition
9. Imperfect
competition
10. Oligopoly
11. Tight Oligopoly
12. Loose oligopoly
13. Collusion
14. Monopoly
15. Natural monopoly
16. Legal monopoly
17. Trust
18. Interlocking
directorates
19. Tying contracts
20. Anticompetitive
takeovers
21. Price
discrimination.
**Be able to fill out the chart for the Market structure that we went over.