Social Studies Help Center
Social Studies help for American History, Economics and AP Government. There are class notes, numerous Supreme Court case summaries and information on how to write a research paper inside.

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.

definition of economics
needs
wants
opportunity cost
paradox of value
trade offs
conspicuous consumption
three basic economic questions
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
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