STUDY GUIDE Final Exam Economics.

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Presentation transcript:

STUDY GUIDE Final Exam Economics

Liabilities Capital Profit Traditional Economic System Command Economic System Mixed Economic System Market Economic System Services Wants Economics Opportunity Cost Resource Economy Karl Marx John Locke Thomas Malthus Adam Smith

Stability Free Enterprise Economic Growth Profit Incentive Capitalism Utility Real Income Law of Demand Substitution Effect Elastic Demand Law of Supply Shortage Surplus Equality Right-to-Work Laws Supply Inelastic Supply Production Cost Debt Competition

Capitalism Time Utility Specialization Real Income Equilibrium Price Price Elasticity Sole Proprietorship Franchise Cooperative Corporation Preferred Stock Common Stock Partnership Civilian Labor Force Boycott Strike Injunction Lockout Arbitration Mediation

White Collar Service Worker Skilled Worker Unskilled Worker Semi-skilled Worker Professional Goods Laissez-Faire Marginal Utility Possession Utility Bond Blue Collar Worker

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