Final Exam Study Guide

Unit I

• Chapter 1 – all vocab, 3 questions for Scarcity, Factors of Production, Production Possibilities Curve, Trade-offs
• Chapter 2 – all vocab, economics systems, economic and social goals, free enterprise system (characteristics, roles of entrepreneurs,  consumers, and government)
• Chapter 3 – all vocab, 3 types of business organizations, mergers

Unit II

• Chapter 4 – all vocab, graphs (demand curve, determining demand elasticity), pg. 111
• Chapter 5 – all vocab, graphs, production function (stages of marginal product)
• Chapter 6 – price, rationing, economic model, equilibrium price, surplus, shortage, price ceiling, price floor, minimum wage
• Chapter 7 – all vocab, market structures, externalities, government’s role in regulating monopolies

Unit III

•  stockbroker, portfolio diversification, 401 k plan

Unit IV

• Chapter 12 – macroeconomics, GDP, census, urban and rural population, baby boom, welfare, food stamps
• Chapter 13 – know all terms associated with the business cycle, depression, inflation, deflation, CPI, creeping inflation, hyperinflation, stagflation, Demand- Pull inflation, cost push inflation, all vocab from section 3
• Chapter 14 – FED, barter economy, commodity money, fiat money, central bank, bank run, reserve requirement, member bank, monetary policy, easy money policy, tight money policy, discount rate, prime rate, characteristics of money, functions of money