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Economics Final Study Guide
Use all your notes to study for the final exam!
Economics Final
Study Guide
Ch. 1-6
- Need
- Want
- Economics
- Goods
- Services
- Scarcity
- Shortage
- Factors of Production
- Land
- Labor
- Capital
- Physical Capital
- Human Capital
- Entrepreneur
- Trade-off
- Guns or butter
- Opportunity cost
- Thinking at the margin
- Production possibilities curve
- Production possibilities frontier
- Efficiency
- Underutilization
- Cost
- Economic system
- Factor payments
- Patriotism
- Safety Net
- Standard of Living
- Traditional economy
- Market economy
- Centrally planned economy
- Command economy
- Mixed economy
- Market
- Specialization
- Household
- Firm
- Factor market
- Profit
- Product market
- Self-interest
- Incentive
- Competition
- Invisible hand
- Consumer sovereignty
- Socialism
- Communism
- Authoritarian
- Collective
- Heavy industry
- Laissez-faire
- Private property
- Free enterprise
- Continuum
- Transition Privatize
- Profit motive
- Open opportunity
- Private property rights
- Free contract
- Voluntary exchange
- Competition
- Interest group
- Public disclosure laws
- Public interest
- Macroeconomics
- Microeconomics
- Gross domestic product (GPD)
- Business cycle
- Work ethic
- Technology
- Public good
- Public sector
- Private sector
- Free rider
- Market failure
- Externality
- Poverty threshold
- Welfare
- Cash transfers
- In-kind benefit
- Demand
- Law of Demand
- Substitution effect
- Income effect
- Demand schedule
- Market demand schedule
- Demand curve
- Ceteris paribus
- Normal good
- Inferior good
- Complements
- Substitutes
- Elasticity of demand
- Inelastic
- Elastic
- Unitary elastic
- Total revenue
- Supply
- Law of supply
- Quantity supplied
- Supply schedule
- Variable
- Market supply schedule
- Supply curve
- Elasticity of supply
- Marginal product of labor
- Increasing marginal returns
- Diminishing marginal returns
- Fixed cost
- Variable cost
- Total cost
- Marginal cost
- Marginal revenue
- Operating cost
- Subsidy
- Excise tax
- Regulation
Ch. 6
- Equilibrium
- Disequilibrium
- Excess demand
- Excess supply
- Price ceiling
- Price floor
- Rent control
- Minimum wage
- Surplus
- Shortage
- Search costs
- Supply shock
- Rationing
- Black market
- Spillover cost
Ch. 1-6 = 132 Total Terms
Ch. 7 (If applicable)
- Perfect competition
- Commodity
- Barrier to entry
- Imperfect competition
- Start – up costs
- Monopoly
- Economies of scale
- Natural monopoly
- Government monopoly
- Patent
- Franchise
- License
- Price discrimination
- Market power
- Monopolistic
- Competition
- Differentiation
- Nonprice competition
- Oligopoly
- Price war
- Collusion
- Price fixing
- Cartel
- Predatory pricing antitrust pricing
- Antitrust laws
- Trust
- Merger
- Deregulation