Economics study guide

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Manufactured goods needed to produce other goods and services are called what? Capital goods 2. The study of economics is important because it enables us to make choices. 3. What is GAP? Gross Domestic Product 4. What is a production possibilities frontier used for? Showing all the possible combinations of any two goods and services that can be produced using available resources and technology. 5. Know the four factors of production and be able to recognize examples of them. (2) Land, labor, capital, entrepreneurship 6. E able to analyze a APP. (2) 8. E able to recognize examples of specialization and division of labor. 10. Know the factors that can cause a shift in a APP (2) technology and resources 11. What is the purpose of government in a command economy? To make all economic decisions 12. The U. S. Is an example of a market economy. 13. Know the social and economic goals. (2) Equity, freedom, stability, security, growth 15. What is voluntary exchange? 16. Know the three pure types of economic systems and be able to recognize examples.

Traditional, command, market 17. What is the difference between a general partnership and a limited partnership? General partnership?all partners have equal responsibility, limited partnership?at least one partner is a silent partner 18. What is the difference between a horizontal merger and a vertical merger? Horizontal merger combines companies that produce the same product under one large company. Vertical merger?the company owns all of the factors that go into producing the product. 19.

Know the advantages and disadvantages off general partnership. (2) advantages?easy to start, specialization, shared losses— disadvantages?personality conflicts, shared profits, hard to raise capital 20. Know he advantages and disadvantages of a corporation? Advantages?easy to raise capital, limited liability, disadvantages?hard to start, limited decision- making 24. Be able to calculate profit. (Revenue- costs= profit) Recognize examples of partnerships, corporations, and sole proprietorships. 26. (2) 28.

For most products and services, higher prices result in greater supply but decreasing demand, which results in a surplus. (3) 29. Recognize examples of complementary and substitute goods. (3) complementary goods go together, substitute goods can replace each other 30. Know the factors that cause demand to be elastic or inelastic. 2) consumer expectations, prices of related goods, income, market size 33. Be able to analyze a demand curve (5) 35. Be able to recognize shifts in demand versus a change in quantity demanded. (3) 39.

Recognize examples of products with elastic and inelastic demand. Inelastic demand products often are necessities and represent a small portion of income 43. Be able to analyze a demand schedule 44. The supply of a product normally decreases if Know how to calculate total cost. Fixed costs+ variable costs= total costs 46. 45. Economics study guide By answer 2 tools, technology, prices of resources, number of suppliers 47. Describe the theory of production 48. What are some examples of fixed costs? Rents, salaries, insurance, taxes 49. Be able to analyze a supply curve. 2) 51. Be able to recognize changes in supply versus a change in quantity supplied. (3) 54. Analyze a supply schedule. (3) 56. Be able to analyze a production schedule. (3) 59. What causes a surplus? Supply is greater than demand 60. What causes a shortage? Demand is greater than supply 61 . Be able to recognize shifts in equilibrium and the effects on supply and demand. (3) 65. Know the four categories of labor and who is in each category. (4) unskilled, mi- skilled, skilled, and professional 66. Define the traditional wage theory. 68.

Define the glass ceiling. 76. Define and be able to recognize examples of commodity money. (2) Products that have an alternative use 77. What are the characteristics of money? (5) Portable, durable, divisible, limited availability 78. What is the FIDE and why was it established? 80. The Federal Reserve System was established in what year? 1913 81. As a result of the financial institution crisis of the asses, S&Ls are now insured by the 89. Analyze a stock market page (2 93. Analyze an income tax form (5) 98. Analyze a bank statement and check register (3)

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