High School Economics, Final Review

What is the study of economics? ,[object Object],[object Object]

THE FACT THAT WE MUST DEAL WITH SCARCITY FORCES US TO MAKE CHOICES CONSTANTLY ,[object Object],[object Object]

Production Possibilities Frontier ,[object Object],[object Object]

Production Possibility Frontier Juice

Production Possibility Frontier ,[object Object],[object Object],[object Object]

Tools economists use ,[object Object],[object Object]

Know the different economic systems ,[object Object],[object Object],[object Object],[object Object]

Traditional Economies ,[object Object],[object Object],[object Object],[object Object]

Command Economies ,[object Object],[object Object],[object Object],[object Object]

Market Economy ,[object Object],[object Object],[object Object],[object Object],[object Object]

Examples of market economies ,[object Object],[object Object]

The 4 factors of production ,[object Object],[object Object],[object Object],[object Object]

Law of Supply ,[object Object],[object Object]

Supply Curve Illustrates the Law of Supply

Supply Elasticity ,[object Object],[object Object],[object Object],[object Object]

Elasticity of Supply ,[object Object]

Law of Demand ,[object Object]

Elasticity ,[object Object],[object Object]

Compliments ,[object Object],[object Object]

Substitutes ,[object Object],[object Object]

Utility & Demand ,[object Object],[object Object],[object Object]

Supply & Demand Curves ,[object Object],[object Object],[object Object],[object Object],[object Object]

Price ,[object Object],[object Object]

Circular Flow of Economic Activity Factor Market Producer Product Market Consumer Goods &Services Land Labor Capital Land, Labor, Capital Goods & Services $ $ $ $ $ $$$$$$$ $ $ $ $ $ $$$$$$$$$

Businesses may be organized in a variety of ways ,[object Object],[object Object],[object Object]

Sole Proprietorships ,[object Object],[object Object],[object Object],[object Object]

Partnerships ,[object Object],[object Object],[object Object]

Corporations ,[object Object],[object Object]

Forming a Corporation ,[object Object],[object Object]

Corporate Formation…cont’ ,[object Object],[object Object],[object Object]

The Role of Government ,[object Object],[object Object],[object Object],[object Object]

Promoter of National Goals ,[object Object]

We live in a modified economic system ,[object Object],[object Object]

One form of government regulation is the Securities and Exchange Commission (SEC) ,[object Object],[object Object]

Consumer vs. Capital Goods ,[object Object],[object Object]

Public Goods ,[object Object],[object Object],[object Object],[object Object],[object Object]

Public Goods ,[object Object],[object Object],[object Object]

Privatization ,[object Object]

Market Structures ,[object Object],[object Object],[object Object],[object Object]

Perfect Competition ,[object Object],[object Object]

Monopolistic Competition ,[object Object],[object Object]

Oligopoly ,[object Object],[object Object]

Monopoly ,[object Object],[object Object]

Natural Monopolies ,[object Object],[object Object]

What are the causes of Market Failures? ,[object Object],[object Object],[object Object],[object Object]

What are externalities? ,[object Object]

Negative externality ,[object Object],[object Object]

Positive externality ,[object Object],[object Object]

The cost of doing business ,[object Object],[object Object]

Variable cost ,[object Object],[object Object]

Three Stages of Production ,[object Object],[object Object]

-3 47 10 Stage 3 Output Decreases -2 50 9 2 52 8 4 50 7 6 46 6 Stage 2 Total Output Slows 8 40 5 11 32 4 9 21 3 7 12 2 5 5 1 Stage 1 Total Output Rises 0 0 0 Stage of Production Marginal Product Total Product # of Workers

How does the FED try to control inflation and recession? ,[object Object],[object Object]

Monetary policy ,[object Object],[object Object]

Discount Interest rate ,[object Object]

Discount Interest Rate ,[object Object]

Fractional Reserve Requirement ,[object Object],[object Object],[object Object]

Fractional Reserve Requirement ,[object Object],[object Object]

To freely trade or not to freely trade? ,[object Object],[object Object],[object Object],[object Object]

Protectionism ,[object Object],[object Object]

Comparative Advantage ,[object Object],[object Object]

How much is the dollar worth? ,[object Object],[object Object]

High School Economics, Final Review

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High School Economics, Final Review