Millken Mills High School CIA4U Exam Review - PDF

MILLIKEN MILLS HIGH SCHOOL Analyzing Current Economic Issues CIA4U Exam Review: Term List Name:_________________________________​ ​ Date:________________________________ Task: Complete the following review exercise...

MILLIKEN MILLS HIGH SCHOOL Analyzing Current Economic Issues CIA4U Exam Review: Term List Name:_________________________________​ ​ Date:________________________________ Task: Complete the following review exercise to prepare for your exam. Term Definition/Details Example(s) Diagram (if applicable) Unit 1 Foundations of Economics Economics Opportunity cost Scarcity Production Possibility Curve (PPC) Demand Law of demand Factors of demand 1.​ 2.​ 3.​ 4.​ 5.​ Supply Law of supply Factors of supply 1.​ 2.​ 3.​ 4.​ 5.​ 6.​ 7.​ Ceiling Price Floor Price Market Equilibrium Negative externalities/Spillover costs Positive externalities/Spillover benefits Adam Smith Capitalism Communism  Socialism Fascism Market Economy and 1.​ characteristics 2.​ 3.​ 4.​ 5.​ 6.​ 7.​ 8.​ Command Economy and characteristics Traditional Economy and characteristics Mixed economy ​  MILLIKEN MILLS HIGH SCHOOL Analyzing Current Economic Issues CIA4U Exam Review: Term List Name:_________________________________​ ​ Date:________________________________ Task: Complete the following review exercise to prepare for your exam. Term Definition/Details Example(s) Diagram (if applicable) Unit 2A +B: Elasticity + The Firm Elastic demand Inelastic demand Perfectly elastic demand Perfectly inelastic demand Calculations details + formulas for elasticity (=1) (point elasticity and long formula) Factors of elasticity of 1.​ demand 2. 3. 4. Revenue and price elasticity relationships Inelastic vs. elastic Cross price elasticity (Define, formula, and relationships) Income elasticity (Define, formula, and relationships) Factors of elasticity of 1. supply 2. 3. 4. Applications of price 1. elasticity (and misconceptions) 2. 3. Corporations and characteristics Sole proprietorship and characteristics Partnership and characteristics Non-profits and characteristics Public goods Horizontal merger Vertical merger Conglomerate The Firm Revenue TC TVC TFC ATC AVC AFC MC MR Profit Break-even formula Long Run Curve and Situation (Increasing Returns to Scale, Constant Returns to Scale, and Decreasing Returns to Scale) Law of diminishing returns  MILLIKEN MILLS HIGH SCHOOL Analyzing Current Economic Issues CIA4U Exam Review: Term List Name:_________________________________​ ​ Date:________________________________ Task: Complete the following review exercise to prepare for your exam. Term Definition/Details Example(s) Diagram (if applicable) Types of Market Structures Perfect Competition +demand curve Characteristics of perfect competition Number of Buyers and Sellers Type of Product Sold​ Barriers to Entry​ Market Power Monopoly + demand curve Characteristics of a monopoly Number of Buyers and Sellers Type of Product Sold​ Barriers to Entry​ Market Power Monopolistic competition +demand curve Characteristics of monopolistic competition Number of Buyers and Sellers Type of Product Sold​ Barriers to Entry​ Market Power Oligopoly +demand curve Characteristics of oligopoly Number of Buyers and Sellers Type of Product Sold​ Barriers to Entry​ Market Power  MILLIKEN MILLS HIGH SCHOOL Analyzing Current Economic Issues CIA4U Exam Review: Term List Name:_________________________________​ ​ Date:________________________________ Task: Complete the following review exercise to prepare for your exam. Term Definition/Details Example(s) Diagram (if applicable) Unit 3: The Government Human Development Index (HDI) Gross National Happiness (GNH) Wage determination (list) 1. 2. 3. 4. 5. 6. 7. 8. Lorenz curve (Diagram and calculations)  MILLIKEN MILLS HIGH SCHOOL Analyzing Current Economic Issues CIA4U Exam Review: Term List Name:_________________________________​ ​ Date:________________________________ Task: Complete the following review exercise to prepare for your exam. Term Definition/Details Example(s) Diagram (if applicable) Unit 4: Macroeconomics GDP vs. GNP GDP (Income and expenditure Formulas approach) Circular flow model Types of employment 1. 2. 3. 4. Inflation Consumer Price Index (Formula) Fiscal Policy Expansionary Fiscal Policy Contractionary Fiscal Policy