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Economics and Personal finance > Final Exam Study Guide > Flashcards

Final Exam Study Guide Flashcards

(100 cards)

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1
Q

Define Scarcity

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2
Q

Explain the basic concept of “There is No Such Thing As a Free Lunch”

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3
Q

What are the basic questions of Economics?

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4
Q

Name the four Factors of production

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5
Q

Explain the difference between a capital and a consumer good

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6
Q

Explain the difference between a durable and nondurable goods

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7
Q

Explain concepts around value(Paradox of Value)

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8
Q

Give important notes on the concept of “utility”

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9
Q

Give important notes on the critical book The Wealth of Nations

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10
Q

Give details on the concept of the “division of labor”

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11
Q

Define Trade-Offs

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12
Q

Define Opportunity Costs

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13
Q

Be able to identify a production Possibilities Frontier diagram

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14
Q

Give Examples of traditional economies

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15
Q

Explain a few key characteristics of command economies

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16
Q

Name a few examples of command economies over the ages

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17
Q

How are decisions made in a market economy?

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18
Q

Describe “Capitalism”

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19
Q

Name a few ways in which the US is a mixed economy

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20
Q

Give a few key details on the thoughts and ideas of Karl Marx

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21
Q

Compare and contrast John Maynard Keynes vs. Milton Friedman

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22
Q

Explain Monopolistic competition

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22
Q

Give examples of oligopolies

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23
Q

What US law is associated with the beginnings of regulating monopolies

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24
Explain Comparative advantage
25
Identify (draw) a demand curve
26
Explain the marginal utility and diminishing marginal utility
27
Explain Substitute goods
27
Explain complementary goods
28
Explain demand elasticity
29
Identify (draw) a supply curve
29
Give details on surpluses
30
31
Be able to identify (draw) Equilibrium price/Market Equilibrium on a chart
32
Explain a few details of GDP
33
Explain per capita GDP
34
What is the difference between nominal and real GDP
35
What is the business cycle exactly
36
Identify the business cycle on a chart
37
Explain Recessions
38
What is the misery Index?
39
Explain the difference between a recession and a depression.
40
Name and describe the four characteristics of money
41
Explain how money can lose value
42
Function of money: Medium of exchange
43
Function of Money: Measure of value
44
Function of Money: Store of value
45
Explain measuring prices, the CPI, and Market Basket
46
Describe consequences of inflation
47
Name and describe 3 types of inflation
48
Name results of deflation
49
What is fiscal policy? (21,23)
50
What is currency?
51
Differentiate between M1 and M2 money
51
What is money supply?
52
Define monetary supply
53
What is the discount rate?
54
List problems for many Americans concerning personal finance
55
Give examples of passive income
56
Give notes on what a portfolio is
57
Give examples of payroll deductions
58
Explain disposable income
58
Explain discretionary income
59
Describe the "gig economy"
60
Explain the benefits of a salaried position
61
Explain a negative of salaried positions
62
Name ways the state of NC levies taxes
62
Explain property taxes
63
What are payroll taxes for?
64
Give details on the estate tax
65
Explain the progressive tax in the US
65
Explain the arguments for and against the flat tax
66
Explain the sales tax in NC
66
Name examples of excise taxes in NC
67
Explain the argument of sales taxes being "regressive"
68
Explain details concerning the corporate income tax
69
Explain "pre-tax deductions"
70
What are the 401k's?
71
Explain and name types of financial goals
71
What are insurance premiums?
71
Explain fiscal responsibility
72
Name types of insurance premiums
73
What are flexible spending accounts?
74
In what ways can variable concerns affect spending plans?
75
What are union dues?
76
Name important aspects of creating and monitoring a budget
77
Income vs. Expenses......softball
78
Needs Vs. Wants......softball
78
Explain important aspects of spending plans being unique
79
What are the costs and benefits of renting?
80
What are the costs and benefits of owning a home?
80
Explain mortgages
80
What is an "adjustable rate" mortgage?
81
What are the costs and benefits of leasing?
82
Name other types of mortgages
82
What is PMI?
83
What is a "fixed rate" mortgage"?
84
What is APR?
85
How can credit ratings and down payments affect mortgages?
86
What is the difference between compound and simple interest?

Economics and Personal finance (10 decks)

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