<p> 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.</p><p>Basic Economic Concepts 1. Economics</p><p>2. The four factors of production (list and define)</p><p>3. Production possibilities curve</p><p>4. Three basic economic questions </p><p>5. Traditional Economy</p><p>6. Command Economy</p><p>7. Market Economy</p><p>8. Scarcity</p><p>9. Voluntary exchange</p><p>10. Difference between marginal cost, opportunity cost and trade-offs.</p><p>11. Roles of Entrepreneur</p><p>12. Pillars of our (free market) economic system</p><p>Created April 2013 1 13. Adam Smith </p><p>14. Karl Marx </p><p>Supply & Demand 1. Law of Demand</p><p>2. Law of diminishing marginal utility</p><p>3. List the factors that shift the demand curve </p><p>4. Market equilibrium</p><p>5. Law of Supply</p><p>6. List the factors that shift the supply curve</p><p>7. Surplus Shortage</p><p>8. Price floor (Draw and explain)</p><p>9. Price ceiling (Draw and explain)</p><p>10. Marginal thinking</p><p>Created April 2013 2 Microeconomics 1. Advantages and disadvantages of Partnership</p><p>2. Advantages and disadvantages of Corporation</p><p>3. Advantages and disadvantages of Sole Proprietorship</p><p>4. Externalities</p><p>5. Monopoly</p><p>6. Perfect Competition</p><p>7. Oligopoly</p><p>8. Monopolistic Competition </p><p>9. Economies of scale</p><p>10. Collective bargaining (purpose of)</p><p>11. Free rider</p><p>12. Public goods</p><p>13. Common resources</p><p>14. Private goods</p><p>15. Diminishing marginal returns</p><p>Created April 2013 3 Personal Finance 1. Function of the Better Business Bureau</p><p>2. Difference between a bank and a credit union</p><p>3. Personal budget</p><p>4. The three types of withholding taxes</p><p>5. Stocks</p><p>6. Bonds </p><p>7. Mutual funds</p><p>8. FDIC</p><p>9. Consumer Reports</p><p>10. Factors that impact personal credit</p><p>11. Principal </p><p>Interest</p><p>12. Rate of return</p><p>Macroeconomics 1. Sources of federal revenue</p><p>2. Progressive taxes</p><p>3. Regressive taxes</p><p>4. Proportional taxes </p><p>5. Business cycle</p><p>6. Ability-to-pay principle </p><p>Created April 2013 4 7. Benefits-received principle</p><p>8. Inflation </p><p>Purchasing power</p><p>9. GDP per capita</p><p>10. Keynesian Economic Theory</p><p>11. Gross Domestic Product</p><p>12. Expansionary Fiscal Policy</p><p>13. Contractionary Fiscal Policy</p><p>14. Budget deficit </p><p>15. National debt</p><p>16. Expansionary Monetary policy</p><p>17. Contractionary Monetary policy</p><p>18. Functions of the Federal Reserve System </p><p>19. Tools of the Federal Reserve System</p><p>20. Ways to deal with inflation </p><p>21. Ways to deal with unemployment Created April 2013 5 Globalization 1. Comparative advantage </p><p>2. Absolute advantage </p><p>3. Protectionism: </p><p> a. tariffs b. subsidies c. quotas 4. Foreign policy and international trade:</p><p> a. sanctions b. embargoes 5. North American Free Trade Agreement</p><p>6. European Union</p><p>7. International Monetary Fund</p><p>8. World Trade Organization</p><p>9. World Bank</p><p>10. Causes of economic growth</p><p>11. Positive trade balance</p><p>12. Negative trade balance</p><p>13. Foreign currency exchange rate</p><p>14. Outsourcing</p><p>Created April 2013 6</p>