Economics Scarcity Factors of Production Opportunity Costs Production Possibilities Curve CHAPTER #2 Three Basic Questions Traditional Economy Command Economy Economic System Marke... Economics Scarcity Factors of Production Opportunity Costs Production Possibilities Curve CHAPTER #2 Three Basic Questions Traditional Economy Command Economy Economic System Market Economy Circular Flow Model of Income & Output Mixed Economy Laissez Faire/Adam Smith Market Economy Characteristics Socialism CHAPTERs #4, 5 & 6 Demand Supply Law of Supply Law of Demand Real Income Effect Substitution Effect Marginal Utility Law of Diminishing Marginal Utility Determinants of Demand (5) Elasticity of Demand Inelasticity of Demand Determinants of Supply (4) Law of Diminishing Returns Shortage Surplus Price Floor Price Ceiling CHAPTER #7 Market Structure Perfect Competition Monopoly Oligopoly Monopolistic Competition Antitrust Regulation Horizontal Merger Conglomerate CHAPTER #8 Sole Proprietorship Partnership Limited Partnership Corporation Franchise Limited/Unlimited Liability Mechanization Division of Labor Automation Robotics CHAPTER #12 GDP Formula for GDP (Know each letter represents) Real GDP Counting the Population (Why do we do this?) U.S. Census Bureau: Future Population Growth (Measurements we use): Poverty: Reasons for income inequality: Chapter #13 Business Cycle (AKA – Business Fluctuations) Model of the Business Cycle (Draw & Label): The five causes of the business cycle (pages 367-368): The Great Depression & The Great Recession: Legislative Reforms: Inflation Deflation Consumer Price Index Base Year Market Basket Types of Inflation Demand-Pull Inflation Cost-Push Inflation Consumer Price Index (CPI): Unemployment: Frictional unemployment Seasonal unemployment Cyclical unemployment Structural unemployment Full Employment Stagflation CHAPTER # 14 Budget Deficit Budget Surplus National Debt Understand how deficits and national debt are related but not the same Current size of national debt and our debt to GDP ratio Types of Taxes Progressive Proportional Regressive CHPATER #15 Fiscal Policy (What is it, how is it used) Social Insurance Programs (What are they and examples) Public Assistance Programs (What are they and examples) Public-Works Projects Public Goods CHAPTER #10 Functions of Money (3) Types of Money (3) Characteristics of Money (6) Money Supply (M1 & M2) The Gold Standard (advantages & disadvantages): Why the Fed was created: CHAPTER #16 The Federal Reserve System (structure) Responsibilities of the Fed Monetary Policy Limits Fractional Reserve System Jerome Powell Reserve Requirement Discount Rate Federal Funds Rate Open Market Operations CHAPTER #17 Imports Exports Foreign Exchange Rate Flexible Exchange Rate Balance of Trade Tariff Protective Revenue Free Trade Movement: NAFTA 2.0 TPP WTO CHAPTER #18 Developed Nations Developing Nations Obstacles to development Financing Economic Development (foreign aid, foreign investment) Global Integration (globalization) Global Institutions Read more