Final Exam in Economics – Review Sheet
The following is a list of terms or ideas that will be covered on
the final exam. The list is not guaranteed to be complete nor do I
promise that an item listed will, in fact, be on the exam. If you
are familiar with the items on the list, however, you will do fine on
the exam. There will be sixty short answer questions and 3 essays.
**Note: This list is only for the short answer portion of the
exam. The essays will be reviewed in class.
entrepreneur scarcity factors of production land capital labor utility goods services durable goods non durable goods free enterprise circular flow traditional economy market economy mixed economy command economy capitalism communism socialism consumer sovereignty inflation hyper inflation depression recession expansion non profit organizations
co-ops corporations charter sole proprietorship proprietor stockholder limited partnership limited and unlimited life
limited and unlimited liability
conglomerate horizontal merger vertical merger LBO (leveraged buy out) IPO (initial public offering)
supply demand elastic and inelastic supply
elastic and inelastic demand
Law of Demand Law of Supply productivity FTC oligopoly monopoly Sherman Anti Trust Act NLRB Taft Hartley Act Wagner Act labor union picket strike boycott lockout collective bargaining effect of great depression on
unions arbitration mediation fact finding union shop closed shop agency shop regressive tax proportional tax progressive tax FICA Gramm Rudman Hollings Bill
Omnibus Act laissez faire trends in government spending
basic economic philosophy – laissez faire
or intervention supply side economics (trickle
down) Keynesian economics (pump priming)
appropriations bill excise tax OMB (Office of Management and
Budget) balanced budget size of federal debt monetary standard Federal Reserve System Federal Reserve Notes specie fiat money commodity money inconvertible fiat money standard
gold standard barter greenbacks medium of exchange – portability,
durability, stability effect of interest rates
effect of change in money supply
mutual fund Dow Jones Industrial Average
stock exchange New York Stock Exchange American Stock Exchange
NASDAQ Gross Domestic/National Product